Midas Fintech Secures $45M Funding Led by Canadian VC Portage

Turkish fintech startup Midas has recently closed a $45 million funding round led by a Canadian venture capital firm, Portage.

Midas specializes in enabling Turkish investors to engage in equities trading both domestically and in the U.S.

Marketed towards Turkey's burgeoning retail investor community, the startup boasts over 2 million users drawn to its promise of reduced transaction fees and commissions compared to traditional brokerage services.

Beyond facilitating trades, Midas offers a suite of financial resources including real-time market data, news updates, and company profiles, aiming to educate investors in what is perceived as an emerging market.

Egem Eraslan, CEO and founder of Midas, highlighted the rapid growth of the investor base in Turkey, which has surged from 1.5 million to over 2 million within three years, despite the country's total population of 80 million.

Eraslan attributed the previous low penetration rates in capital markets to a lack of investment infrastructure, despite the widespread use of mobile banking.

Midas sought to remedy this by investing in its own infrastructure, providing users with a seamless experience.

Eraslan emphasized Midas' capital efficiency, having developed much of its infrastructure and obtained licensing with under $500,000.

This allowed the startup to gain traction, secure funding, and overcome barriers, positioning it as a unique player in the brokerage industry with its self-clearing, self-custody, and self-execution capabilities.

Source: Mike Butcher / TechCrunch