Midas, which lets users in Turkey invest in US and Turkish equities, raised a $45M Series A, after a $11M seed in 2022, and plans crypto trading and more
Context & Ripple Effects
Midas is positioning a Turkey-focused investing product around access to both domestic and U.S. equities, with this round following its 2022 seed financing. The reported plan to add crypto would widen that proposition from stock investing into a broader retail brokerage offering.
The company’s subsequent $80M Series B for its stock-and-crypto brokerage suggests the Series A was an early step in a continuing capital buildout. It also sits alongside expansion-minded fintech activity in Turkey, including Sipay’s Series B to expand beyond Turkey.
First-order effects
- Midas gains $45M to develop its brokerage product and pursue crypto trading alongside its existing access to Turkish and U.S. equities.
- Its users could eventually manage a broader set of investments through one service rather than using separate stock and crypto products.
Second-order effects
- Local investing and crypto platforms face a stronger, better-funded competitor for retail customers seeking access to multiple asset classes.
- Adding crypto raises the importance of operational capabilities—such as trading infrastructure and customer support—as Midas broadens beyond equities; Alpaca’s expansion of trading APIs illustrates the adjacent infrastructure market serving such offerings.
Third-order effects
- If multi-asset retail brokerages keep attracting capital, Turkey’s consumer-finance market may shift toward fewer platforms that bundle investing services rather than narrowly focused trading apps.
- The model’s durability will depend on whether broader product menus translate into sustained user activity, not merely financing for expansion.
The trend: This is part of the shift from single-purpose investing apps toward multi-asset digital brokerages built for retail investors.