Retail Investing Startup Midas Raises 45 Million

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• Previously, users faced large transaction fees and high minimum balance requirements, sometimes of up to 25,000, to access US stocks.
• In recognition of this investment, Bryan Scheetz, MCPC’s Director of Healthcare and Enterprise Solutions will join the MIDAS Board of Directors.
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• Each VC who invested in the company receives a score for that bet based on several variables.
• The commitment from its investors comes at a time when global FinTech investments have plateaued, underscoring confidence in Midas’s customer-centric approach and its potential to disrupt the financial sector.

Previously, users faced high transaction fees and minimum balance requirements, rising up to 25,000, to access US stocks. The startup eased access to Turkish and US equities with low commission fees via its app. Also based in Beijing, IDG Capital partner Justin Niu makes his debut on the Midas List this year.

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On paper, their company was based in Hong Kong, but the face masks were actually in a warehouse in Germany, and remained there until the German Federal Ministry of Health purchased them from the company ostensibly based in Hong Kong. According to the investigation, neither the company at the beginning of the supply chain, nor the Hong Kong-based company, reimbursed the VAT they had received upon the sale of the face masks to the ministry. During the searches, law enforcement seized vast quantities of smartphones, worth more than €15.3 million, as well as a yacht, worth €3 million, and €1.2 million in cash and cryptocurrency. Several cars were seized, including a Rolls-Royce, a BMW and a Range Rover. Jewellery, luxury watches and 2.5 kg of gold were also found in the suspects’ residences.

The guy no longer believes you to gold is the most essential matter worldwide; the guy doesn’t actually adore it any more, indeed. Of course, Queen Midas desires far more silver, so he asks you to definitely something the guy suits seek out stunning reddish gold. Midas, a pioneering FinTech startup based in Turkey, has recently concluded a significant equity funding round, raising an impressive 45 million.

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SUIC Midas Touch is going to replicate their exclusive business model in 40 countries, with over 20 service payment companies to join the company this year and into 2022. The company is in the final stages of identifying their partners in various countries, targeting one million merchants and a 10 billion dollars turnover rate by 2022. A.J is a Research Investigator at ICPSR who also studies topics like public-sector information technology use, scholarly communication, research data management, and public administration. The raise was led by Portage, with participation from International Finance Corporation, and Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling down on their previous investment in the company’s 11 million seed round in 2022. The kitchen interiors were last changed in the mid-1970s, tapping into the trend for rustic harvest tones and farmhouse-inspired mahogany paneled cabinets.

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This landmark investment represents the largest Series A funding round ever recorded in the Turkish FinTech sector. Midas achieved this milestone in less than three years since its establishment, with Portage leading the round. The investment also received contributions from notable entities such as the International Finance Corporation, Spark Capital, Earlybird Digital East Fund, and Revo Capital, who have reaffirmed their support following an initial 11 million seed round in 2022.

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However, the company reported a huge revenue miss in its most recent earnings results as cryptocurrency trading dropped off. Over the past number of months, the Company has evaluated a number of options for additional funding, including issues of common shares, royalty and or streaming on antimony and further strategic investments. To date, none of those options have proven to be been available to the Company to a quantum of funding that would address the funding needs through to the anticipated completion of the permitting process. The Initial Proposal was for US35 million in convertible notes wholly taken up by Paulson.

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