ISTANBUL, Feb. 7, 2022 /PRNewswire/ — Midas, a retail investing startup that provides entry to US and Turkish equities in Turkey, introduced right now that it has raised $11 million in fairness funding.
The fundraise comes simply 8 months after their inception, and is led by Spark Capital and Earlybird Digital East Fund, with Nigel Morris, Revo Capital additionally collaborating. This is likely one of the largest fintech seed investments thus far in Turkey.
Midas launched with a big waitlist in April 2021, and over $100m has now been traded on the platform. In lower than a yr since launch, Midas now has a staff of 70 individuals based mostly in Istanbul. The funds will likely be used for launching cryptocurrency merchandise, constructing infrastructure to energy banks and neo-banks of their funding choices, in addition to rising the person base.
The primary retail funding app in Turkey to supply low fee buying and selling, fractional shares and US equities, Midas is investing closely in educating the market by producing simple to digest monetary content material free of charge. The corporate provides detailed profiles on companies, a each day podcast, and a weekly publication to make sense of the markets.
Egem Eraslan, CEO and founding father of Midas, commented “We began Midas to alter individuals’s relationship with cash, for the higher. The present surroundings in Turkey makes spending your cash simple, however investing it, somewhat troublesome. By constructing essentially the most seamless investing expertise, we’re making investing easy, appropriately.”
Midas says it’s the first licensed dealer to make “download-to-first commerce in lower than 10 minutes” a actuality in Turkey, down from the trade common of 5 days. The potential is big, as Turkey is transferring from obligatory bodily KYC to video KYC quickly, and Midas is correct there to put it to use.
Over half of Midas customers are first time buyers and underneath 30. Nationally, 30% of all buyers in Turkey are underneath 35, whereas in Midas 70% of the person base is inside this age group. Egem Eraslan says “With a younger and fascinating person base and a superior product expertise, we consider we’re properly positioned to construct the way forward for investing in Turkey“.
Totally different from many different retail buying and selling apps, Midas is constructing infrastructure to energy the whole trade. Already partnered with one of many largest banks in Turkey, Midas needs to assist banks and neo-banks provide the most effective funding merchandise to their clients.
Egem Eraslan: “We would like neobanks to additionally make the most of the Midas infrastructure to supply higher funding merchandise for his or her clients on the lowest prices. We consider each client finance firm ought to work on rising their buyer’s wealth, and Midas is right here to assist.”
The startup touts its “product stack method”, focusing on to resolve essentially the most troublesome issues by means of constructing infrastructure early on.
“During the last decade, we have now seen the rise of recent cellular investing platforms globally. Nevertheless, rising markets have remained out of attain for big well-known gamers because of the native necessities that lead to excessive boundaries to entry. This leaves a singular alternative in these markets, the place each offline and on-line dynamics are extraordinarily in favor of quick progress – because the penetration charge of monetary devices has been traditionally low and on-line clients are underserved” said Mehmet Atici, Companion at Earlybird Digital East. “We consider Midas is in an exceptionally sturdy place to deal with this uniquely giant and untapped alternative, and grow to be the main platform for investing & wealth administration in rising markets. We’re excited to again Egem and the staff on their journey.”
Midas is Turkey’s first totally digital inventory brokerage app, enabling buyers to spend money on each the Turkish and the US inventory markets. Midas provides low transaction charges for investments in US shares, fractional investing and free stay market information. The Borsa Istanbul (Turkish inventory market) product is in closed beta and can quickly launch to supply commission-free buying and selling of Turkish shares.
Previous to Midas, Turkish residents didn’t have the chance to spend money on in style US shares for a lot of causes, starting from excessive minimal stability necessities to costly transaction charges ($25 per transaction with $25.000 minimal stability necessities). And with regards to Turkish shares, there is not a cellular product that appeals to millennials. Midas emerged from a realization that there was a necessity to offer this cellular savvy inhabitants with an important investing expertise.
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