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.
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