According to ChainCatcher, Turkish fintech startup Colendi has raised $65 million in its latest Series B round of financing, with a valuation of $700 million. The financing was led by Citi Ventures, the venture capital arm of Citi Group, and other investors included Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding. Colendi co-founder and CEO Bulent Tekmen said that existing investors also participated in this round of financing.
Turkey's banking regulator has approved Colendi's application to set up a digital bank in 2023. Tekmen said the oversubscribed Series B round provided the necessary funds to set up Colendi Bank. The company plans to dual-list in Istanbul and London and expects to be ready for an initial public offering (IPO) by 2026.
Colendi currently has 17 million users in Turkey and aims to expand to populous emerging markets including Pakistan and Indonesia in the future, ultimately reaching its goal of 1 billion users. The funding will advance Colendi’s mission to become a major digital banking entity in Europe, the Middle East and Africa (EMEA), the Gulf Cooperation Council (GCC) and Turkic countries.
