Turkey-based investment platform Midas has applied for an electronic money institution licence to expand into digital payments.
According to Bloomberg, the company filed the application as part of a broader strategy to introduce digital wallet and prepaid card capabilities alongside its existing investment products. Founder Egem Eraslan outlined the initiative in a statement published on 17 June 2026, noting that the new features would allow users to spend funds directly from balances held within their Midas accounts, creating a more direct link between investing and everyday spending.
From investment app to financial platform
Midas offers users access to stocks listed on Borsa Istanbul, US equities, cryptocurrencies, mutual funds, and additional asset classes through a single mobile app. A low-cost model and mobile-focused design have helped the platform attract millions of customers seeking affordable access to both local and international markets.
The company has strengthened its financial position through several funding rounds, completing a fundraise in 2025 that was reported as a record for Turkey's fintech sector, bringing total investment to more than USD 100 million. The capital has supported product expansion and infrastructure development.
In addition, the payments expansion signals a move towards a broader financial super-app model. Through the process of adding spending capabilities, Midas aims to encourage users to maintain higher balances and engage with the platform more frequently. A digital wallet would support transfers and payments, while a prepaid card would allow direct access to account funds for purchases, without routing through traditional banks. Moreover, this approach reflects a trend seen among investment-focused apps globally, including US platforms such as Robinhood, which began offering card products in 2024 to consolidate financial activity within a single ecosystem.
Regulatory pathway and 2026 product roadmap
Securing the licence requires meeting requirements established by Turkey's central bank, covering customer fund protection, operational security, and compliance standards. Regulatory approval remains pending.
Eraslan has indicated that the wallet and card features form part of a broader 2026 product roadmap, which also includes advanced trading tools and expanded market access. If approved, Midas would gain formal authority to issue electronic money and offer related payment services, potentially unlocking new revenue from payment volumes while deepening its relationship with its existing user base.
Turkey's fintech sector continues to develop, driven by rising digital adoption and demand for low-cost financial services. Midas's application positions the company to compete with both traditional banks and other digital service providers in an increasingly competitive domestic market.
