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Turkey’s first fully digital stock brokerage app Midas raises $11 million

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Enabling Turkish investors to invest in both the Turkish and US stock markets, Turkey’s first fully digital stock brokerage app Midas has raised $11 million in equity funding.

The Istanbul-based team of 70 will use the funding to launch a series of crypto products as well as continue building an infrastructure that will support both traditional and neo-banks in their investment offers.

That’s not to say that Midas is the first in Turkey to ever offer such a service, but the startup is the first in the region to do so without charging an arm and a leg to make a trade, a factor that has been cost-prohibitive to many for long.

With banks typically charging $15 to $25 per trade, Midas is spinning gold through dramatically lower fees.

The firm currently places a $1.50 per transaction cost on the deal, but plans are afoot to reduce this number to zero in the future.

Midas has garnered a total of $12 million only 8 months since inception, lead by investors Spark Capital and Earlybird Digital East Fund, and participants Nigel Morris, and Revo Capital. 

 

Read more on Tech Gist Africa:

Huawei takes Sweden to Court for Banning Chinese Tech Giant’s 5G Products

GWI Raises $180M Series B at $850M Valuation for its Market Research SaaS

Wayflyer Raises $150M on a $1.6B Valuation for a New Spin on Providing Loans to e-Commerce Merchants

 

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Femi Thomas

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Copyright © 2019 TECHGISTAFRICA. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy. Enabling Turkish investors to invest in both the Turkish and US stock markets, Turkeyu2019s first fully digital stock brokerage app Midas has raised $11 million in equity funding.rnrnrnrn

The Istanbul-based team of 70 will use the funding to launch a series of crypto products as well as continue building an infrastructure that will support both traditional and neo-banks in their investment offers.rnrnrnrn

Thatu2019s not to say that Midas is the first in Turkey to ever offer such a service, but the startup is the first in the region to do so without charging an arm and a leg to make a trade, a factor that has been cost-prohibitive to many for long. rn

With banks typically charging $15 to $25 per trade, Midas is spinning gold through dramatically lower fees. rn

The firm currently places a $1.50 per transaction cost on the deal, but plans are afoot to reduce this number to zero in the future.rnrnrnrn

Midas has garnered a total of $12 million only 8 months since inception, lead by investorsu00a0Spark Capitalu00a0andu00a0Earlybird Digital East Fund, and participantsu00a0Nigel Morris, andu00a0Revo Capital.u00a0rnrnrn rn

Read more on Tech Gist Africa:rnHuawei takes Sweden to Court for Banning Chinese Tech Giantu2019s 5G ProductsrnrnGWI Raises $180M Series B at $850M Valuation for its Market Research SaaSrnrnWayflyer Raises $150M on a $1.6B Valuation for a New Spin on Providing Loans to e-Commerce Merchantsrnrn “,”author”:{“@type”:”Person”,”name”:”Femi Thomas”,”url”:”https://www.techgistafrica.com/author/femithomas/”},”articleSection”:[“Europe”,”Funding”,”Stock”],”image”:{“@type”:”ImageObject”,”url”:”https://www.techgistafrica.com/wp-content/uploads/2022/02/Midas.jpg”,”width”:964,”height”:542},”publisher”:{“@type”:”Organization”,”name”:””,”url”:”https://www.techgistafrica.com”,”logo”:{“@type”:”ImageObject”,”url”:””},”sameAs”:[“https://www.facebook.com/techgistafrica/”,”https://twitter.com/techgist_africa”,”https://www.instagram.com/techgistafrica/”,”https://www.linkedin.com/company/techgist-africa”]}}]]>

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