Turkish fintech Midas has raised $80m in Series B funding, the largest ever fintech deal in the country. Fintech-focused VC firm QED Investors led the funding round, with participation from the International Finance Corporation, Nik Storonsky’s QuantumLight, HSG (formerly Sequoia China), Spice Expeditions and George Rzepecki.
Existing backers Spark Capital, Portage Ventures, Bek Ventures and Nigel Morris also backed the fintech, bringing Midas’s total funding to date to more than $140m.
Founded in 2020, Midas is an investment platform that offers its more than 3.5m users access to Turkish and US equities, mutual funds and cryptocurrencies. Users can trade shares on US exchanges at a flat fee of $1.50 per transaction and fee-free on Borsa Istanbul, Turkey’s stock exchange.
"From day one, our mission has been to make investing accessible, affordable and seamless for everyone,” says Midas CEO Egem Eraslan in a statement.
With the new funding, Eraslan says Midas plans to increase its investments in security and technology infrastructure. The fintech will also roll out a derivatives product in September.
Midas isn’t the only Turkish fintech to have raised a double-digit funding round this year. In April, payments fintech SiPay closed a $78m funding round led by Elephant VC, in a further sign of increased investor attention in the country’s fintech scene.
