Midas, a Turkey-based investment platform, has raised US$80 million in series B funding led by QED Investors.

The deal marks the largest fintech investment in Turkey to date and brings Midas’ total funding to over US$140 million.

Founded in 2020, Midas provides access to Turkish and US equities, mutual funds, and cryptocurrencies on a single platform.

The company claims to serve over 3.5 million investors and offers a US$1.50 flat fee for trading US stocks, while waiving commissions for trades on Borsa Istanbul.

New investors in the round include the International Finance Corporation, HSG, QuantumLight, Spice Expeditions LP, and George Rzepecki, with participation from existing backers Spark Capital, Portage Ventures, Bek Ventures, and Nigel Morris.

Midas plans to use the new funding to launch derivatives trading, starting with US options in September, and to upgrade its security and technology infrastructure.

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🔗 Source: Tech.eu

🧠 Food for thought

1️⃣ Zero-fee models can successfully expand retail investment participation

Midas demonstrates how eliminating transaction costs creates meaningful market expansion beyond just cost savings.

The platform’s 3.5 million users have collectively saved $50 million in transaction fees since 2020. More significantly, half of these users began their investing journey through Midas 1.

This suggests that fee elimination doesn’t just benefit existing investors—it creates entirely new market participants who were previously priced out.

The company’s strategy of cutting US trading fees by 90% and then permanently removing all Borsa Istanbul commissions in 2025 shows a progressive approach to barrier removal 1.

This pattern of fee reduction leading to market expansion mirrors successful models like Robinhood in the US. Midas has also enhanced its offering by providing free real-time market data and instant transfers without fees.

2️⃣ Turkish fintech market attracting significant international capital despite historical underfunding

The $80 million Series B represents the largest investment ever secured by a Turkish fintech company, signaling a shift in how international investors view the Turkish market 1.

The investor roster includes established fintech specialists like QED Investors alongside development finance institutions like the International Finance Corporation, suggesting both commercial and strategic interest in the region.

This funding milestone is particularly notable given that the Turkish market has been “historically underfunded compared to other regions in Europe” 1.

The participation of QuantumLight, founded by Revolut CEO Nik Storonsky, alongside traditional fintech investors indicates that experienced operators see parallels between Midas’s growth trajectory and successful European fintech scaling stories.

The record-breaking nature of this deal likely positions Turkey as an emerging fintech hub, potentially attracting more international attention to the region’s digital financial services sector.

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