Midas is valued at approximately $1 billion following its $80 million Series B round in August 2025, led by QED Investors. The round included new investors such as the International Finance Corporation and existing backers like Spark Capital. Total funding has surpassed $140 million across seed, Series A, and Series B rounds.

The company raised $45 million in a Series A round led by Portage in April 2024 and $11 million in a seed round led by Spark Capital and Earlybird Digital East Fund in February 2022. Other investors include Revo Capital, HSG, QuantumLight, Spice Expeditions LP, and Nigel Morris.

Midas is a commission-free mobile trading platform that provides Turkish residents access to local and international financial markets through a single app. Users can trade Turkish equities on Borsa Istanbul, US stocks and ETFs on NYSE and NASDAQ, TEFAS mutual funds, and over 25 cryptocurrencies via an integrated crypto trading platform.

The onboarding process takes approximately 10 minutes and uses remote KYC verification with Turkish national ID cards. Users can deposit Turkish lira instantly from any local bank through the country's FAST payment rails and convert to USD at interbank rates without fees for US market trading. The platform offers real-time market data for both Turkish and US markets at no cost, distinguishing it from traditional Turkish brokers that charge fees for live data access.

Midas has introduced advanced features, including Midas Pro, a desktop-style trading workspace with multi-chart capabilities and options chains, as well as margin trading with 2x leverage. The platform plans to expand its offerings to include US options trading and Turkish derivatives. Custody for Turkish securities is managed through Takasbank, while US holdings are handled by Vision Financial, with SIPC coverage of up to $500,000 for US positions.

Midas operates a B2C freemium model that uses zero-commission Turkish equity trading as a customer acquisition tool while generating revenue through international market access and ancillary services. The company has developed vertically integrated clearing and custody infrastructure, enabling control over unit economics and eliminating third-party fees that increase costs for competitors.

Revenue is primarily derived from flat $1.50 fees per US equity trade, foreign exchange spreads on currency conversion, and tiered cryptocurrency trading fees through its separate regulated entity. This pricing model leverages Turkish investors' demand for US dollar-denominated assets as a hedge against domestic inflation, which is currently between 40% and 50%.

Midas differentiates itself through its self-clearing architecture, which supports faster product rollouts and improved margin control compared to competitors reliant on legacy bank infrastructure. The company provides instant, fee-free currency conversion at interbank rates, whereas competitors using third-party clearing face higher costs and slower execution. This vertical integration also allows Midas to white-label its infrastructure for other regional fintech companies that lack brokerage licenses.

Midas competes directly with Colendi Securities, the Istanbul-based subsidiary of BNPL company Colendi. Colendi obtained a capital markets license in 2024 and is developing proprietary clearing infrastructure for fractional US shares. Both companies aim to achieve lower unit economics and faster product development through vertical integration. The current competitive focus is on scaling derivatives and margin trading capabilities.

Traditional financial institutions have introduced competing platforms, including Piapiri from ÜNLÜ & Co. Piapiri utilizes existing research capabilities and robo-advisory features but depends on legacy clearing infrastructure, which results in higher costs. İş Yatırım's InvestGO and Yapı Kredi's Yatırım Kart offer $1 flat US trading fees but face challenges in delivering a mobile-first user experience. These bank-backed platforms leverage existing customer relationships and cross-sell opportunities, such as margin loans and payroll deposits. In contrast, neobrokers like Midas compete on user experience and cost transparency.

Global platforms such as Interactive Brokers, eToro, Revolut, and SproutFi enable Turkish residents to open USD accounts and directly access international markets. These platforms provide broader product offerings and deeper liquidity but encounter regulatory limitations and lack integration with the local market. The competitive landscape hinges on whether local platforms can sustain their regulatory and user experience advantages as global brokers expand into emerging markets.

Turkish cryptocurrency exchanges BtcTurk and Paribu have entered the mutual fund marketplace and are preparing to offer tokenized US equities once regulations allow. With 6-8 million verified crypto users who frequently engage with these apps, their potential entry into equities trading could challenge Midas's engagement metrics and customer acquisition costs.

Midas is broadening its offerings beyond equity trading to include derivatives, with US options scheduled for launch in September 2025 and Turkish equity options to follow. The company is introducing margin lending and advanced analytics through Midas Pro, targeting higher-value active traders. Additional planned products include robo-advisory portfolios, pension accounts, and dollar-denominated money market funds designed to mitigate lira devaluation risk.

The number of Turkish retail brokerage accounts has increased from 1.5 million in 2021 to approximately 10 million, representing less than 12% of adults compared to over 50% in the US. With 3.5 million customers, Midas has potential for 4-5x domestic user growth. The company is also targeting high-frequency day traders currently using legacy bank brokers that charge 0.1% or more per trade.

Management has outlined plans to expand into MENA region countries, leveraging shared regulatory frameworks and sizable Turkish diaspora populations. The company’s proprietary clearing and custody infrastructure can be deployed in new jurisdictions more efficiently than competitors relying on third-party providers. Midas is also exploring opportunities to white-label its technology stack for regional neobanks without brokerage licenses, creating a B2B revenue stream in addition to retail trading.

Regulatory constraints: Turkish financial regulators may impose restrictions on foreign market access or cryptocurrency trading, potentially limiting Midas's revenue streams and differentiating features. Adjustments to capital requirements for margin lending or derivatives trading could hinder product expansion and necessitate additional capital raising.

Currency volatility: Significant devaluation of the Turkish lira could disrupt the platform's currency conversion processes and lead to capital flight restrictions, constraining international trading. Although inflation increases demand for dollar-denominated assets, severe economic instability poses risks to the underlying investment rationale.

Competitive pressure: With zero-commission trading now a baseline offering, competition has shifted toward product diversity and advanced features, where established firms like Interactive Brokers hold a competitive edge. Additionally, large Turkish banks, leveraging existing customer bases and lower funding costs, could escalate price competition and intensify efforts to acquire customers.