Colendi, a Turkish FinTech startup, has effectively secured $65 million in new funding.
Turkish startup in the FinTech realm, Colendi, has secured $65 million in new funding, as reported by Bloomberg. The funding round witnessed a diverse set of investors, including Citigroup Inc.’s venture capital division, Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, alongside contributions from existing backers.
Renowned for its innovative digital banking and financial services, Colendi has obtained regulatory approval from Turkey’s banking authority to establish a digital bank. Bulent Tekmen, Colendi’s co-founder and CEO, expressed, “With the oversubscribed Series B round, the necessary investment for the establishment of FinTech Colendi Bank has been secured.”
Headquartered in Istanbul, the company initiated the new funding round in March, aiming to surpass $150 million by year-end. Tekmen envisions Colendi attaining a valuation of $1 billion upon conclusion of the round, thus achieving unicorn status. Colendi has outlined a strategic vision to emerge as a prominent digital banking entity across the EMEA, the GCC, and Turkic republics.
Currently boasting a user base of 17 million in Turkey, Colendi harbors ambitious plans to expand into high-population emerging markets like Pakistan and Indonesia, targeting a user base of 1 billion over an undisclosed timeframe. Moreover, the company aims for a dual listing in Istanbul and London, with plans to be IPO-ready by 2026.
