In an effort to boost the competitiveness of Turkey’s brokerage market, empower individuals to safeguard their assets, and expedite digitalization, the International Finance Corporation (IFC) announced on Thursday that it would invest $6 million in Midas, a digital brokerage company operating in the nation.
Along with lead investor Portage Ventures, Spark Capital, and the IFC-sponsored venture capital funds Revo Capital and EarlyBird Digital East Fund, IFC said in a statement that it was a part of one of the largest Series A fundraising rounds in the nation, raising a total of $45 million.
The creative fintech company can now develop a comprehensive wealth management platform for the rapidly increasing number of Turks who have turned into retail investors thanks to this investment, providing them with easy access to a wide choice of low-cost investment products and services.
With the proceeds from this most recent fundraising round, Midas will be able to add mutual funds and high-interest term deposits to its lineup of products.
“We are happy to partner with IFC in building the future of investing in the region,
“Having IFC’s backing is a vote of confidence in our vision, and a testament to our work ethic. IFC is an invaluable partner and we are very excited to work together,” said Egem Eraslan, Chief Executive Officer and Founder of Midas.
The statement states that although banks and their vast branch networks dominate the brokerage industry in Turkey, mobile-first retail brokers like Midas boost the sector’s competitiveness by providing quick and easy digital access without imposing steep fees or minimum balance requirements.
“Expanding access to tools that help people create wealth is a crucial means of enhancing financial inclusion in Türkiye,
“Supporting Midas will enable the broader population to start investing and safeguarding their wealth,” said Wiebke Schloemer, IFC Director for Türkiye and Central Asia.
