In a major coup for the domestic fintech scene, Colendi, a prominent startup in the sector, has successfully secured a substantial $65 million in its Series B investment round, catapulting its valuation to an impressive $700 million. This landmark investment, led by a consortium of investors including Citigroup Inc.’s venture capital arm, marks a significant milestone in Colendi’s journey.
Bülent Tekmen, Co-founder and CEO of Colendi, unveiled the details of the Series B investment round, which saw participation from key industry players such as Migros, Citi Ventures, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, alongside existing backers.
In a statement to Bloomberg, Tekmen remarked, “This financing underscores our commitment to solidifying Colendi’s position as a leading digital banking institution across EMEA, GCC, and Turkic Republics.”
With approval from the Banking Regulation and Supervision Agency secured in 2023 to establish a digital bank, Colendi plans to utilize the funding to drive the establishment of Colendi Bank. Tekmen disclosed plans to raise over $150 million in the Series C investment round by year-end, with aspirations to attain unicorn status, boasting a valuation of $1 billion.
Looking ahead, Colendi is positioning itself for public offering both domestically and internationally by 2026, with London emerging as a prime destination for international listings.
With a robust user base of 17 million in Turkiye, Colendi is eyeing ambitious expansion goals, aiming to reach 1 billion users by targeting growth in emerging markets with significant populations such as Pakistan and Indonesia.
Source: Egirisim / Prepared by Irem Yildiz