Midas, Istanbul-based retail investing startup envisaging making investing a pushover for first-time investors, has raised US$ 11 million in an equity funding round led by Spark Capital and Earlybird Venture Capital on 7 February 2022.
Investors: The latest investment round featured Spark Capital and Earlybird Venture Capital as the lead investor with participation from Revo Capital and angel investor Nigel Morris.
Purpose of the funding: The startup seeks to deploy the proceeds from the funding round to launch its cryptocurrency offerings, develop infrastructure to fuel neo-banks and other banks in its investment products and broaden the customer base.
Brought to existence in 2020 by Umut Bozkurt and Egem Eraslun, Midas’ retail investment app provides US equities, fractional shares, low commission trading coupled with free financial content to spread awareness. The firm delivers a weekly newsletter, detailed profiles of enterprises and a daily podcast to enhance the financial literacy of the users. It is the nation’s premier fully digital stock brokerage platform, driving investors to invest in the US and Turkish stock markets. The firm launched with a massive queue in April 2021, with total trading hitting more than US$ 100 million since its inception. The company’s headcount increased to 70 in less than a year of its launch. The company claims to be the premier licensed broker to have reduced the time taken to offer “download-to-first trade” from the industry average of 5 days to 10 minutes.
What the Founder has to say: “Our main motive to establish Midas was to drive a positive shift in the people’s connection with money. Currently, the Turkish market makes spending money effortless but raise a challenge to invest it. We aspire to make investing a breeze by developing a flawless investing experience. We want neobanks to employ our infrastructure, providing optimised investment products to customers at an affordable price. We wish that all consumer finance organisations must focus on increasing their customer’s wealth and administer our solution.”- Egem Eraslan, CEO and founder of Midas.
What the Investor has to say: “Midas is perfectly poised to meet the untapped and huge market needs and has the potential to rise as a leading platform for investing and wealth management in emerging economic hubs. It is exhilarating to support the Midas team in their growth journey.”- Mehmet Atici, partner at Earlybird Digital East.
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