/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Retail investment app Midas raises $45 million

Istanbul-based retail investing startup Midas has raised $45 million to roll out crypto, mutual fund, and savings account products to its two million users.

Be the first to comment

Retail investment app Midas raises $45 million

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The $45 million fundraise was led by Portage with participation from International Finance Corporation, and Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling down on their previous investment in the company’s $11 million seed round in 2022..

It comes after Midas hit profitability last year amid plans to double its headcount to 400+ and grow its user bases to five million by year's end.

The new funding will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading. In the next two-to-five years, Midas also projects that it will expand beyond Turkey, with plans to target countries in emerging markets.

Egem Eraslan, CEO and founder of Midas, says: "We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”

Sponsored SustainableFinance.Live - 8 October 2024 | London & Online - Save the date!

Related Company

Comments: (0)

[Webinar] Trade based financial crime: Mitigating TBFC compliance risk with technologyFinextra Promoted[Webinar] Trade based financial crime: Mitigating TBFC compliance risk with technology