Türkiye-based FinTech startup Midas has achieved a significant milestone by securing a landmark investment in its latest Series A funding round. The company's innovative approach to FinTech has garnered worldwide attention, culminating in a record-breaking investment of USD 45 million in a funding round led by Portage of Canada.
The USD 45 million fundraise by Midas marks the largest ever Series A round by a Turkish FinTech and the 2nd largest early-stage investment on record that will allow the startup to expand and roll out new products. Investors from around the world have expressed confidence in Midas' vision and capabilities, recognizing the immense potential for growth and innovation in Türkiye's burgeoning tech sector.
Commenting on the round, Midas CEO Egem Eraslan expressed gratitude to the investors for their trust and support in the company's mission. He emphasized Midas' commitment to pushing the boundaries of technological innovation in finance and driving positive change in the industry. "We were extremely capital-efficient. We built much of the initial infrastructure product and licensing with less than USD 500,000, which allowed us to launch, get traction, raise capital, and break that deadlock. We might be the only new broker in the world that launched self-clearing, self-custody and self-execution," Eraslan noted.
The influx of capital will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading. This investment not only underscores Midas' potential for growth but also reflects the growing confidence in Türkiye's tech ecosystem as a hub for innovation and entrepreneurship on the global stage.