An investment app focused on retail investors in Turkey has pulled in US$45 million after completing its latest funding round.
Istanbul-based startup Midas stated that the equity funding will be used to roll out mutual fund, crypto and savings account products to its two million users.
The equity funding is reportedly the largest ever Series A fundraise by a Turkish fintech and comes less than three years after the app was launched.
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The major participant in the funding was Portage, a global investment platform, supported by International Finance Corporation, Spark Capital and Earlybird Digital East Fund.
The funding also follows Midas’s first year of profitability and comes ahead of plans to double the firm’s headcount to more than 400 and grow its user base to five million by the end of the year.
Midas also plans to expand its presence beyond Turkey into other emerging markets.
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“Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing,” said Egem Eraslan, CEO and founder of Midas.
“We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights,” added Eraslan.
“Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”