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Istanbul-based investment platform Midas has raised $80 million in a Series B funding round, marking the largest single investment ever received by a financial technology startup in Türkiye.
The deal not only marks a milestone for the company itself but also positions Türkiye in the upper tier of the global financial technology landscape, drawing attention from major international funds.
Founded in 2020 and now serving over 3.5 million users, Midas is now positioned not only as a domestic leader but as a rising global player in fintech.
The round comes at a time when global fintech funding has slowed, having dropped from $35 billion to $28 billion in 2024, and deal volumes declined by 20%.
In the second quarter of 2025, global fintech investments reached $11 billion, and Midas’s round joins the ranks of major deals such as Airwallex’s $300 million and Bilt’s $250 million.
Midas’s investor profile reflects its global appeal, as some of its backers previously supported tech giants like TikTok, Alibaba, Coinbase, Nubank and Revolut
The round was led by QED Investors and included participation from the World Bank’s investment arm, International Finance Corporation (IFC), HSG (formerly Sequoia China) and QuantumLight, the fund founded by Revolut CEO Nik Storonsky.
“Midas has unlocked access to vast domestic and global investment opportunities for Turkish users, utilizing cutting edge fintech tools, said Yusuf Özdalga, partner at QED Investors.
Unicorn in making
Midas CEO Egem Eraslan announced new services the startup offers to investors and emphasized the company’s ambition to grow both locally and globally.
Eraslan said the company would “keep growing as a fintech company that serves the needs of individual investors both in Türkiye and globally.”
With this investment, Midas plans to invest in international security standards and begin offering derivative products, signaling a new phase of competition in Türkiye’s fintech sector. With total funding now exceeding $140 million, the company positions itself as one of the first unicorn candidate fintech companies emerging from Türkiye.
Eraslan emphasized that they make investment tools accessible by refining the experience for investors of all sizes.
“From day one, our mission has been to make investing accessible, affordable, and seamless for everyone. Today, millions of people manage their investments through Midas. With this new funding, we are building a comprehensive ecosystem that unifies all investment needs on one platform, while further strengthening our security and technology infrastructure,” he noted.
Secret to success
Midas has set a new industry standard by permanently eliminating all commissions on Borsa Istanbul Stock Exchange (BIST) trades in 2025 and reducing U.S. stock trading fees by 90%. This has saved its 3.5 million users over TL 2 billion in transaction costs.
While many fintech startups focus on niche areas, Midas offers access to Turkish and U.S. stock markets, mutual funds and cryptocurrencies, all within a single platform. The upcoming launch of U.S. options contracts in September will further expand its product range.
Midas has reached a significant portion of individual investors in Türkiye. With half of its users making their first-ever investment through it, the platform has demonstrated strong market penetration and appeal to first-time investors.
Turkish AI tech receives clinical approval for use in US
For the first time, an artificial intelligence software developed in Türkiye has received clinical approval from the United States.
The technology, designed to provide real-time analysis and clinical guidance during ultrasound examinations, aims to improve patient flow and reduce waiting times in health care facilities.
Developed by SmartAlpha, a health tech startup based in the Middle East Technical University (METU) Teknokent, the AI-powered software Nerveblox has been approved by the U.S. Food and Drug Administration (FDA) for clinical use.
This makes SmartAlpha the first Turkish AI company to achieve this milestone.
As hospitals around the world grapple with overcrowding and long appointment wait times, startups focused on solving these challenges are gaining traction.
Artificial intelligence technologies are playing an increasingly vital role in addressing these issues. SmartAlpha’s medical imaging assistant analyzes ultrasound images instantly during examinations and provides guidance to physicians, streamlining the diagnostic process. This enables safer and more efficient ultrasound procedures through AI support.
Tech with global potential
Many successful technologies developed using artificial intelligence, unfortunately, fail to find commercialization opportunities in global markets, said SmartAlpha co-founder Utku Kaya.
“Health care is one of the most challenging sectors in this regard, but also one of the most promising,” Kaya noted.
“We’re proud to have completed this phase first in Europe and now in the United States. Today, SmartAlpha is among the AI companies with the widest international sales footprint in the health care sector.”
He says this represents a significant step in exporting advanced technologies.
“We owe a great deal to our investors who believe in us, and to our team committed to developing technologies that make a real impact on human lives,” Kaya added.
Kaya added that the company’s next goal is to expand operations in North America and the Far East.
Attracting investor interest
The clinical approval opens the door for SmartAlpha’s AI-powered imaging technology to be used in a wide range of clinical applications in the U.S., including cesarean sections, breast surgery, and orthopedic procedures such as knee and shoulder operations, particularly for pain management.
The Ankara-based startup also plans to submit official applications for new AI products designed for home use. These products are expected to support early diagnosis in cases such as domestic accidents and elderly care.
SmartAlpha operates with a 20-person team composed of engineers and physicians. Last year, the company announced a collaboration with global health care leader Siemens Healthineers. The startup is also backed by both angel and institutional investors.
Türk Telekom launches solar energy initiative to back Türkiye’s clean energy goals
One of Türkiye’s leading telecoms and technology companies, Türk Telekom has accelerated its investments in solar energy as part of its strategy to enhance sustainable energy use and strengthen its capacity for self-generation.
Following its initial project in Sivas, the company is now expanding its solar power plant portfolio to Malatya and Ağrı, bringing the total installed capacity to 530 megawatt peak (MWp). This major initiative contributes directly to Türkiye’s national clean energy targets.
In the first quarter of the year, Türk Telekom laid the foundations for its Sivas solar plant on a 1,300-decare plot, with a production capacity of 128 MWp. Once completed by the end of 2025, the facility will rank among Türkiye’s largest renewable energy plants.
With additional investments planned in Malatya and Ağrı, the company aims to operate three solar power plants, with total capacity covering approximately 65% of its current energy consumption.
Reducing carbon footprint
Türk Telekom CEO Ümit Önal emphasized the company’s commitment to sustainability.
“We place sustainability principles at the core of our business strategies with the goal of leaving a livable world for future generations. We are taking pioneering steps in combating climate change and improving energy efficiency. Our renewable energy investments aim to reduce our carbon footprint, support climate risk management and create financial value,” Önal noted.
He added that Türk Telekom is introducing next-generation eco-friendly communication technologies to Türkiye and placing green transformation at the heart of its strategy by turning to renewable sources like solar energy.
“With our investments in three cities, we will contribute to local employment and take a significant step toward energy independence and a sustainable future for our country,” Önal said.
Solar support for base stations
Türk Telekom continues to integrate solar energy systems into its mobile infrastructure. In 2024, the company installed solar systems with a total capacity of 1.2 megawatts (MW) across 370 base stations. As a result, the total installed renewable energy capacity used in Türk Telekom’s fixed and mobile infrastructure reached 5.5 MW.
In addition to its solar power plant investments and electric vehicle charging network services, Türk Telekom is deploying AI and Internet of Things (IoT) technologies to offer innovative solutions in smart city planning, electricity consumption and irrigation, further reducing carbon emissions. The company is also integrating the latest environmentally friendly systems into its data centers.
According to the CDP scoring methodology, which is used worldwide to measure the environmental impact of companies, Türk Telekom has climbed four levels in the past two years to join the global A List.
The company aims to reduce Scope 1 and Scope 2 emissions by 45% by 2030 compared to its 2020 baseline, and to reach net zero by 2050 in alignment with Türkiye’s and GSMA’s climate targets.
AI-powered phones give telecoms chance to compete with tech giants
Telecommunication companies are regaining ground in the race against global tech giants through the launch of artificial intelligence-powered smartphones.
Deutsche Telekom has partnered with AI startup Perplexity to increase access to and adoption of artificial intelligence, launching two affordable AI-focused devices: the T Phone 3 and the T Tablet 2.
The initiative marks a strategic shift for telecom operators, moving beyond their traditional role as service carriers to become active players in the technology space.
Designed to expand access to artificial intelligence, the new devices run on Perplexity Assistant and offer features such as real-time translation, travel planning, tutoring, email drafting, content summarization and image editing. Users can activate the AI assistant via a purple button on the device or by double-tapping the power button, using either voice or text input.
More accessible AI
In Germany, the AI phone and tablet are sold at 149 euros ($172.73) and 199 euros, respectively, but can be purchased for as little as 1 euro when bundled with a mobile plan. The devices are available in 10 markets, including Austria, Croatia, Czechia, Greece and Hungary.
The AI smartphone market saw explosive growth in 2024, reaching 234.2 million units, a 363.6% increase compared to 2023. Forecasts suggest a further 73.1% growth in 2025, with total shipments expected to hit 912 million units by 2028.
AI integration is accelerating rapidly, with one-third of revenue from AI-chip devices in the fourth quarter of 2024 linked directly to AI features. In 2025, 28% of new smartphones are projected to include generative AI capabilities.
Industry shift
Other telecom operators are adopting similar strategies, prioritizing AI, satellite communications and 5G services.
China Telecom, for example, has outlined its 2025 priorities as cloud-based AI smartphones, next-generation 5G calling services and satellite-phone integration.
According to industry data, 60% of C-suite executives recognize AI’s transformative potential and plan to integrate it into operations. Telecom companies are already using AI to enhance network security, reduce energy consumption and optimize Radio Access Network (RAN) performance.
Who owns customer?
AI is reshaping competitive dynamics across industries, and Deutsche Telekom’s AI phone strategy appears well-timed and aligned with global trends.
With the market expected to grow dramatically through 2028, and operators seeking to evolve into full-fledged tech platforms, the strategy has strong potential for success.
However, its effectiveness will depend on the ability to compete with dominant players like Samsung and Apple, the adoption of AI features by users, and the sustainability of its pricing advantage.
Devices priced between 149 euros and 199 euros could offer a strategic edge in the midrange market against premium brands.