Midas, a commission-free trading platform based in Istanbul, has reached a valuation close to US$1 billion after raising US$80 million in its latest funding round.

The round was led by QED Investors, with participation from the International Finance Corporation and existing backers like Spark Capital.

Launched in 2020, Midas offers digital trading services for local and US stocks, mutual funds, and cryptocurrencies to 3.5 million investors.

The company said it will use the funds to expand into derivatives, warrants, European equities, and corporate accounts.

The US$80 million investment is the largest single funding round to date for a fintech firm in Turkey, bringing Midas’ total capital raised to US$140 million.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Turkey’s fintech success builds on decades of payment innovation leadership

Midas’s rapid rise fits into Turkey’s broader trajectory as a regional fintech pioneer, with the country consistently leading European payment innovations for nearly two decades.

Turkey became the first European country to issue contactless credit cards in 2006 and launched the national digital wallet BKM Express in 20121. The country later introduced Troy, its national payment system, in 2016, achieving 100% acceptance across all payment terminals, which differentiated it from other national payment schemes globally1.

This innovation foundation helped create the infrastructure and consumer comfort with digital financial services that platforms like Midas could build upon.

The country’s banking sector grew at a 20% annual compound rate over 15 years, with household consumption through cards jumping from 9% to nearly 40%1. Turkey now has over 120 million debit cards, 59 million credit cards, and 2.3 million POS terminals—the largest numbers in Europe1.

2️⃣ Persistent high inflation creates structural demand for retail investment platforms

Turkey’s inflation environment provides crucial context for why commission-free trading platforms find such fertile ground, with citizens actively seeking equity investments to protect their purchasing power.

Despite recent improvements, Turkey’s annual inflation rate remained at 33.52% in July 2025, down from 35.05% in June—still representing the lowest rate since November 20212. Even with this decline following fourteen consecutive months of slowing inflation, the rate creates strong incentives for citizens to move savings into assets that can outpace currency devaluation.

This inflation backdrop helps explain why Midas attracted 3.5 million users and why its commission-free model resonated so strongly, saving users approximately $50 million in transaction fees3. When inflation erodes purchasing power rapidly, even small trading fees become meaningful barriers to wealth preservation strategies.