The Turkish fintech company Midas Menkul Degerler AS, which offers digital trading solutions in the style of Robinhood, announced it has raised $80 million in a new funding round. This is the largest amount of investment ever received by a fintech company in Turkey.
This is reported by Finway
Development Strategy and Investors
The investment round was led by QED Investors, joined by new partners including the International Finance Corporation, as well as existing investors such as Spark Capital. With this funding, the total investment in Midas has reached $140 million.
“Despite the fact that the latest round has brought Midas closer to unicorn status, the company’s strategic director, Can Hemici, noted that this milestone is likely to be achieved in the next round.”
Growing Popularity and New Services
Midas was founded in 2020 and quickly gained popularity during the pandemic lockdowns, when interest in investing among the public significantly increased. Further growth in activity occurred against the backdrop of high inflation in Turkey, which forced many citizens to seek alternative ways to protect their savings — particularly through investments in stocks.
Today, the Midas digital platform serves over 3.5 million investors. Users have access to local and U.S. securities markets, mutual funds, and cryptocurrencies.
The company plans to use the raised funds to launch new products and enhance existing services. Among the priority areas for development are the implementation of derivatives trading, warrants, expanding access to European stocks, and opening corporate accounts for businesses.