Midas, which is a Turkish version of Robinhood, announced that they have raised a $45mm Series A round, claiming it to be the largest early stage fintech funding round in Turkey to date. The round was lead by Portage, a Toronto VC firm, and had participation from 5 other venture capital firms, which is a nice sign. The round builds on their $11mm Seed round in 2022.
This perhaps illustrates a theme we have been watching: growth of robo advice and investor self-service in geographies where an emerging mass-affluent far outstrips the supply of human financial advice. We point out that Midas only started three years ago and is already profitable. The ability for users to easily invest in the US market, robust educational content, and commission-free trading could be contributing factors to their growth.
Midas intends to use the proceeds to expand their product offering into crypto, mutual funds, and savings accounts. They are also looking at geographic expansion into emerging markets, presumably those with an emerging mass-affluent class.