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[FUNDING NEWS] Turkey-Based Fintech Start-Up Colendi Secures $65 Million in Funding

The Series B investment round of Turkish fintech start-up Colendi raised $65 million, raising the company's worth to $700 million. Citi Ventures led the round, with participation from Finberg, Hedef Holding, Sepil Ventures, Re-Pie Asset Management, and Migros Ticaret AS.

The Series B investment round of Turkish fintech start-up Colendi raised $65 million, raising the company’s worth to $700 million. Citi Ventures led the round, with participation from Finberg, Hedef Holding, Sepil Ventures, Re-Pie Asset Management, and Migros Ticaret AS.

The company, which plans to be valued at $1 billion, provides financial services to both banked and unbanked people, including easy access to loans through a buy-now-pay-later plan.

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On its website, Colendi states that it has over 7 million users and has handled over 5 million card transactions. According to Bloomberg, Turkish fintech startup Colendi has raised its valuation to $700 million after receiving $65 million from a group of investors.

Bulent Tekmen, Co-Founder of Colendi, said that Citi Ventures, the venture capital division of Citigroup, led the Series B financing, with participation from Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding.

Read also – India-Based UnifyApps Secures $11 Million in Seed Funding

The round also included contributions from current investors. The startup in digital banking wants to raise its valuation to $1 billion.

Regardless of a person’s past banking experience, it offers financial services, including easy access to loans through a buy-now-pay-later plan. On its website, it claims to have over 7 million members and has completed over 5 million credit transactions.

About Colendi

Colendi is a multipurpose platform for banking as a service that democratises banking services for merchants, financial institutions, and customers to get around the drawbacks of traditional banking.

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