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Midas Raises $45M Series A Funding as Fintech Shines in Turkey

Midas, a fintech startup enabling people in Turkey to invest in U.S. and Turkish equities, announced a $45 million funding round led by Portage of Canada.

Targeting Turkey's retail investor market, Midas boasts over 2 million users and offers lower transaction and commission fees for investing in U.S. or Turkish stocks. It also provides financial content, real-time stock market data, news, and company profiles to educate users in this emerging market.

CEO Egem Eraslan highlighted the company's success in expanding capital markets' penetration in Turkey and emphasized the importance of infrastructure in enabling investment opportunities.

Midas, similar to Robinhood in the U.S., plans to introduce new products such as cryptocurrency trading, mutual funds, and savings accounts with the funding. The company aims to expand beyond Turkey and target the MENA region."

International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital also participated in the funding round. The company's previous funding includes an $11 million seed round in 2022, making this latest round one of the largest in Turkish fintech."

Cem Sertoglu, managing partner of Earlybird Digital East Fund, praised Midas for seizing the opportunity in the Turkish investment market and executing its strategy effectively. Portage co-founder Paul Desmarais III recognized Midas' leadership in transforming Turkey's financial landscape and its potential to lead the region in fintech innovation.

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