Midas Secures $45M in Series A Funding to Expand Crypto Services in Turkey
Turkish investing startup Midas has raised $45 million in a Series A funding round led by Portage of Canada, aimed at launching crypto services. The funding attracted contributions from notable investors including the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital. Founded in 2021, Midas has quickly grown its user base to over two million, providing access to Turkish and U.S. equities through a mobile app. The additional funds will be utilized to introduce a wider range of financial products such as mutual funds, interest-generating savings accounts, and crypto trading features. Furthermore, Midas plans to use the capital for expansion outside of Turkey, specifically targeting the MENA region, and to double its current team size in Istanbul.
Bullish
The successful $45 million Series A funding of Midas signals strong investor confidence in Turkish fintech and cryptocurrency services, likely indicating a bullish outlook for the region’s crypto market. Large-scale investments in startups like Midas can stimulate market activity by increasing the accessibility of crypto trading and potentially attracting a new wave of retail investors. Historically, such investments have often preceded market expansions and increased trading volumes. Over the long term, as Midas expands its services and potentially attracts more users, it could contribute to greater adoption and normalization of cryptocurrency trading in Turkey and the MENA region, fostering a positive market sentiment.