Wealthtech Midas raises $45m Series A to launch new products
Wealthtech start-up Midas, which specialises in democratising retail investing, has secured $45 million in equity funding to expand its product portfolio.
Midas bags $45m Series A
The Series A was led by Toronto-based VC Portage, which also co-led a £25 million Series A funding round for UK-based start-up Zilo earlier this year.
Additional support came from Earlybird Digital East Fund, International Finance Corporation, Spark Capital and Revo Capital, which previously participated in the start-up’s $11 million seed round back in 2022.
The new funding will enable Midas, which hit profitability for the first time last year, to introduce three new product offerings: mutual funds, savings accounts and crypto trading.
To support these developments, the start-up says it intends to further expand its workforce, having tripled its headcount over the last two years to 210.
Egem Eraslan, CEO and founder of Midas, states that the financing will also be put to use as the firm looks to “broaden our horizons and expand our geographic footprint beyond Turkey”, with the company asserting its intentions to target countries in the emerging world “in the next two to five years”.
Established in 2020, Midas endeavours to fill a perceived gap in the market for first-time investors in Turkey who are interested in investing in US stocks, with its stock brokerage app currently serving two million users.
The app boasts fractional investing options, free live market data and low transaction fees for investments in US stocks.
