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Retail investing startup Midas raises $45 million to roll out crypto, mutual fund, and savings account products
- The $45 million fundraise was led by Portage and is one of Turkey’s largest ever Series A rounds
- New capital will help Midas roll out a host of new product lines including crypto trading, mutual funds, and a savings product, with plans to double its headcount to 400+, and expand into emerging markets
- Midas hit profitability last year and, with two million users since its 2021 launch, the company is on course to revolutionize Turkey’s investing market, and expand into new markets
ISTANBUL, April 22, 2024 /PRNewswire/ — Midas, the fintech startup that brought retail investing to millions of people in Turkey, today announced that it has raised $45 million in equity funding. The new capital will allow Midas to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.
It is the biggest ever Series A fundraise by a Turkish fintech, and comes less than three years after Midas was launched. The raise was led by Portage, with participation from International Finance Corporation, and Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling down on their previous investment in the company’s $11 million seed round in 2022.
Since Midas launched in 2021, it has opened up Turkey’s retail investment market to more than two million users. Previously, users faced onerous transaction fees and high minimum balance requirements, sometimes of up to $25,000, to access US stocks. Via its app, Midas is the first company to offer fast, seamless access to Turkish and US equities with low commission fees.
Midas has also invested heavily in educating the market by producing easy-to-digest financial content for free. These include real-time stock market data and news, detailed company profiles, in-depth documentaries, a daily podcast, and a weekly newsletter to help investors navigate the markets. In doing so, it pioneers Turkey’s most comprehensive localized financial content offerings for investors.
The new funding will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading. In the next two-to-five years, Midas also projects that it will expand beyond Turkey, with plans to target countries in emerging markets. With its new products and expansion plans, the company will now move forward with its mission of changing Turkish people’s relationship with money – not just investing – and becoming a leading financial institution in the region.
The raise also comes amid a global stagnation in fintech investments in the last two years, indicating continued investor confidence in Midas’ strategy of disrupting the market by prioritising the customer experience above all, and constantly improving the usability and low cost of its investment product
Egem Eraslan, CEO and founder of Midas, said: “We are delighted to announce our Series A fundraise, which is the biggest ever by a Turkish fintech. Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player.”
Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard. “Midas is leading a wave of transformation within Turkey’s financial landscape. Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters. We are very pleased to participate in the development of Midas and to support this ambitious team in bringing financial inclusion and access to wealth-building tools to the Turkish people.”
The raise will also help Midas double its headcount. It currently has a team of 210 people working from its office in Istanbul, already triple the number of employees in 2022.
Eraslan continued: “We have a long-term view for this company, and short-term market conditions have not hindered that. The raise comes as a significant vote of confidence in our mission to transform investing in the region.”
Contact
Ben Goldsmith
[email protected]
+44(0)7788295321
About Midas
Founded in 2020, Midas makes investing effortless for first-time investors in Turkey via its fast, easy-to-use digital stock brokerage app.
Those factors meant there was a gap in the market for an app that enabled people to easily invest in Turkish and US stocks, which Midas has filled. Midas offers low transaction fees for investments in US stocks, fractional investing, and free live market data. The Borsa Istanbul (Turkish stock market) product offers commission-free trading of Turkish stocks.
To date, Midas has more than two million total users, and that number is projected to increase to five million by the end of 2024. Last year alone, it saved $70m in commissions for its customers.
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View original content:https://www.prnewswire.co.uk/news-releases/retail-investing-startup-midas-raises-45-million-to-roll-out-crypto-mutual-fund-and-savings-account-products-302122807.html
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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Latest News
Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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