Turkish FinTech Colendi secures $65m funding round led by Citi Ventures
Summary
This latest funding round saw participation from a diverse group of investors, including Citigroup Inc.s venture capital arm, Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, according to a report from Bloomberg. Colendi co-founder and CEO Bulent Tekmen said, With the oversubscribed Series B round the investment necessary for the establishment of Colendi Bank has been raised.The Istanbul-based company, which launched a new funding round in March, aims to raise over $150m by the end of the year. Tekmen anticipates that Colendis value will reach $1bn once the round concludes, achieving unicorn status. Colendi has outlined a strategy to become a major digital banking entity across the EMEA, the GCC, and Turkic republics.With a current user base of 17 million in Turkey, Colendi has ambitious plans to expand to emerging markets with large populations, such as Pakistan and Indonesia, aiming for a user base of 1 billion over an unspecified period. The company also targets a dual listing in Istanbul and London, planning to be IPO-ready by 2026.Keep up with all the latest FinTech news here.