At a valuation of $700 million, Citicorp North America Inc. led a group of investors in Turkey’s fintech company Colendi, which obtained an additional $65 million in fundraising.
In addition to Citicorp, the Series B round included participation from Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, as stated by Bulent Tekmen, the chief executive officer and co-founder of Colendi, formerly known as Colendi Yapay Zeka ve Buyuk Veri Teknoloji Hizmetleri AS. He added that current investors participated in the round as well.
Colendi received approval from Turkey’s banking regulator in order to open a digital bank in 2023.
According to Tekmen, the fintech and digital services company based in Istanbul began a fresh investment round in March with the goal of raising over $150 million by the end of the current year.
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Tekmen anticipates that after the financing is over, Colendi’s valuation will rise to $1 billion. A startup that achieves a valuation of $1 billion or more is referred to as a unicorn.
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Colendi, which currently has 17 million members in Turkey, intends to grow to 1 billion users over an ambiguous time frame by entering emerging regions with sizable populations, such as Pakistan and Indonesia.
“With the oversubscribed Series B round the investment necessary for the establishment of Colendi Bank has been raised,” Tekmen said.
About Colendi
Colendi is a multipurpose banking as a service platform that democratizes banking for individuals, merchants, and financial institutions to overcome legacy banking limits.
