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May 01, 2024 427

The investment application Midas received an investment of 45 million dollars

#Finance

"Portage Ventures liderliğinde gerçekleşen yatırım turuna katılım gösterenler arasında International Finance Corporation, Spark Capital, Earlybird Digital East Fund ve Revo Capital yer aldı."

The Turkish local investment app Midas secured a $45 million investment in a Series A funding round led by Portage Ventures. Among the participants in the funding round were International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital.

Midas, which received a $1 million seed investment in 2021, closed its seed round in 2022 with $11 million.

Focusing on Turkish and American stock trading, Midas saw its daily trading volume surpass $1 million in 2021. By its first anniversary in 2022, Midas had reached 100,000 users, and by the end of the same year, it had exceeded 500,000 users. During this period, it also added its products to the Istanbul Stock Exchange. Midas, which accounts for about 0.60% of the monthly stock market intermediary volume on the Borsa Istanbul, mediates transactions in the range of approximately 2 billion TL on average. In the coming period, Midas' main focus for growth seems to be on introducing different products. With a user growth of nearly four times annually, Midas has reached 2 million users this year. One of the biggest products in the new investment for Midas will be the cryptocurrency exchange application, which has been on its agenda since the end of 2022.