Midas has raised an $80mn in a Series B funding round, which marked the largest investment round executed by a fintech company in Turkey, the digital brokerage platform said on August 19.

The round was led by US-based QED Investors (launched by individual investor Nigel Morris).

Newcomers included Hong Kong-based HSG (formerly Sequoia China, a unit of US-based Sequoia Capital), London-based QuantumLight (founded by Revolut CEO Nik Storonsky), Spice Expeditions LP and George Rzepecki.

Existing investors, namely the International  Finance Corporation (IFC), San Francisco-based Spark Capital, Canada-based Portage Ventures and Luxembourg-based Bek Ventures (formerly Berlin-based investment fund Earlybird Venture Capital), have also joined the round.

Istanbul-based Midas, launched in 2020 by Egem Eraslan and Umut Bozkurt, has so far raised a total of $140mn funds.

In 2024, the company raised a $45mn in a Series A round from the IFC, Spark Capital, Earlybird, Portage and Amsterdam-based and Turkey-focused Revo Capital.

In 2022, it raised $11mn in a seed funding round led by Spark and Earlybird’s Digital East Fund (EDEF). Revo and Morris also participated in the round.

In 2021, Midas raised $1mn from Deniz Ventures, a venture capital unit of Denizbank, in a pre-seed round.

Midas currently serves 3.5mn users, providing access to Borsa Istanbul in addition to the US stock markets, mutual funds and cryptocurrencies.

After cutting the US trading fees by 90% to a flat fee of $1.50 per transaction, the company permanently removed all Borsa Istanbul commissions in 2025. It also offers fee-free transfers.

Following the launch of margin investing, advanced analytics, and Midas Pro, the company will use its Series B funding to introduce derivatives trading in both Turkish and US equities. 

The rollout will begin in September with the US options trading.