Turkish FinTech startup, Colendi, has successfully raised $65m in fresh funding.
This latest funding round saw participation from a diverse group of investors, including Citigroup Inc.’s venture capital arm, Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, according to a report from Bloomberg. Existing investors also contributed to the Series B round.
Colendi, known for its innovative digital banking and financial services, has received approval from Turkey’s banking regulator to establish a digital bank. Colendi co-founder and CEO Bulent Tekmen said, “With the oversubscribed Series B round the investment necessary for the establishment of Colendi Bank has been raised.”
The Istanbul-based company, which launched a new funding round in March, aims to raise over $150m by the end of the year. Tekmen anticipates that Colendi’s value will reach $1bn once the round concludes, achieving unicorn status. Colendi has outlined a strategy to become a major digital banking entity across the EMEA, the GCC, and Turkic republics.
With a current user base of 17 million in Turkey, Colendi has ambitious plans to expand to emerging markets with large populations, such as Pakistan and Indonesia, aiming for a user base of 1 billion over an unspecified period. The company also targets a dual listing in Istanbul and London, planning to be IPO-ready by 2026.
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