Turkish fintech company Colendi has completed a $65 million Series B funding round, led by Citi Ventures

ChainCatcher news, according to Bloomberg, Turkish fintech startup Colendi has raised $65 million in its latest Series B funding round, reaching a valuation of $700 million. This round was led by Citi Ventures, the venture capital arm of Citigroup, with other investors including Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding. Colendi co-founder and CEO Bulent Tekmen stated that existing investors also participated in this round of funding.

It is reported that Turkish banking regulators have approved Colendi's application to establish a digital bank in 2023. Tekmen mentioned that the oversubscribed Series B funding round provides the necessary capital to establish 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. Headquartered in Istanbul, Colendi launched a new funding round in March, aiming to raise over $150 million by the end of this year. Tekmen anticipates that after this funding round, Colendi's valuation will reach $1 billion, thus becoming a "unicorn" company.

Currently, Colendi has 17 million users in Turkey, with plans to expand into populous emerging markets such as Pakistan and Indonesia in the future, ultimately aiming for a target of 1 billion users. This funding will drive 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.