On April 22, the Turkish investment app Midas captured significant attention by securing a substantial $45 million in Series A funding, marking it as the largest early-stage financial technology funding in Turkey. The investment aims to enhance Midas’s offerings, which currently include zero-commission stock trading on both the Istanbul Stock Exchange and U.S. stock exchanges. The new funds will also support the introduction of services for cryptocurrencies and investment funds.
Global Investors Rally Behind Midas
The funding round saw the participation of prominent global investors. Canada-based Portage Ventures led the round, with other notable investors including Spark Capital, Earlybird Digital East Fund, and Revo Capital. This collective backing underscores the strong confidence in Midas’s market potential and its innovative financial solutions.
Celebration and Future Plans
The funding milestone was celebrated with a promotional display for Midas on the Nasdaq screen in Times Square, highlighting the international recognition of the investment. Paul Desmarais, Founding Partner at Portage Ventures, expressed his enthusiasm about supporting Midas’s vision to democratize access to investment tools in Turkey, enhancing financial inclusivity.
Inferences from this Article
- The substantial funding indicates strong investor confidence in Midas and its business model.
- Midas’s expansion into cryptocurrencies and funds could significantly widen its customer base.
- The celebration at Nasdaq suggests Midas’s growing international profile.
This series A funding not only propels Midas forward in the fintech sector but also sets a significant precedent for future investments in Turkey’s burgeoning financial technology landscape. As Midas expands its services, it continues to pave the way for broader financial empowerment and innovation within the region.