Colendi attracted $65 million in new investment in the Series B investment round. With this, the value of the company reached 700 million dollars. Speaking to Bloomberg, the CEO of Colendi, Bulent Tekmen, announced that he expects the valuation to rise to $1 billion.
Turkish fintech startup Colendi Citigroup Inc. raised $65 million in a Series B investment round from a group of investors, including a venture capital fund, valued at $700 million.
Co-founder and CEO of Colendi, Bulent Tekmen, said that Migros, Citi Ventures, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding, as well as existing investors participated in the Series B investment round.
"The funding will support the company's mission to become a leading digital banking institution across EMEA, the GCC and the Turkish Republic," Tekmen said in response to questions from Bloomberg.
The Banking Regulation and Supervision Agency has approved Colendi's application to establish a digital bank in 2023. Stating that the income obtained from the investment round provided financing for the establishment of Colendi Bank, Tekmen announced that they aim to collect more than 150 million dollars of investment and become a unicorn by the end of the year with the C Series investment round.
Colendi aims to be ready for IPOs both domestically and abroad by 2026. For an IPO outside the country, London is considered a good choice.
Colendi, which has 17 million users in Turkey, aims to reach 1 billion users, and plans to achieve this goal by growing in emerging markets with large populations such as Pakistan and Indonesia.
