Turkish fintech Colendi gets $65 million

Turkish fintech Colendi raised $65 million Serie B group after its valuation at $700 million. The round was led by Citi Venturesthe venture capital arm of Citigroup, with Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding participating. Existing investors also supported.

Found by Bulent TekmenColendi offers services such as fraud protection, “financial passports” and credit scoring without storing users’ personal data.

Colendi launched a new funding round in March and aims to raise more than $150 million by the end of this year. Once the round is completed, Tekmen hopes the company will achieve unicorn status with a $1 billion valuation.

He commented on the increase: “With the Series B round, which was extremely requested, the necessary investments for the foundation of Colendi Bank were raised.”

Colendi has 17 million users in Türkiye and aims to expand into populous emerging markets, including Pakistan and Indonesia. The company aims to become a leading digital banking entity in Europe, the Middle East and Africa (EMEA) and the Gulf Cooperation Council (GCC).

Source