Turkish fintech Colendi secures $65M in funding

The recent funding round of Turkish fintech Colendi was spearheaded by Citi Ventures, the venture capital division of Citigroup, showcasing a strong endorsement from a prominent financial institution.Additionally, the round saw the participation of key investors including Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, underscoring the diverse support and confidence in Colendi's growth and potential within the fintech sector.

Turkish fintech Colendi has successfully secured a $65M Series B round, marking a significant milestone after being valued at $700M. The funding was spearheaded by Citi Ventures, the venture capital arm of Citigroup, with notable participation from Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding. Furthermore, existing investors also showed their support in this round, highlighting the continued confidence in Colendi's growth and potential within the fintech industry.

Turkish fintech Colendi has recently completed a successful fundraising effort, securing a substantial $65M in its Series B round, a significant achievement following its impressive valuation of $700M. The funding round was notably led by Citi Ventures, the venture capital arm of Citigroup, showcasing a strong partnership with a renowned financial institution.

Additionally, the round saw the active participation of key investors such as Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, underlining the diverse support and confidence in Colendi's innovative approach and growth potential within the fintech landscape. Furthermore, the continued backing from existing investors further reinforces the belief in Colendi's vision and strategic direction, positioning the company for continued success and expansion in the dynamic fintech sector.

Founded by Bulent Tekmen, Colendi provides a range of innovative services including fraud protection, 'financial passports,' and credit scoring, all while prioritizing user privacy by not retaining personal data.In a strategic move, Colendi kicked off a fresh financing round in March, setting its sights on securing a substantial sum exceeding $150 million by the year's end. With this ambitious fundraising target in mind, founder Bulent Tekmen harbors high hopes for the company's future trajectory.

Tekmen's vision extends to positioning Colendi as a unicorn in the fintech realm, aiming for a valuation milestone of $1 billion upon the successful conclusion of the funding round. This strategic roadmap underscores Colendi's aspirations for growth, innovation, and market leadership within the dynamic fintech landscape.

In a notable statement regarding the successful fundraising efforts, founder Bulent Tekmen remarked, "With the Series B round, which garnered significant interest and demand, the essential investment needed for the establishment of Colendi Bank has been secured." This insightful comment highlights the pivotal role played by the Series B round in paving the way for the realization of Colendi's strategic vision, particularly in laying the foundation for the establishment of Colendi Bank.

With a substantial user base of 17 million in Turkey, Colendi is setting its sights on broader horizons by targeting populous emerging markets such as Pakistan and Indonesia for expansion. The company's strategic roadmap includes aspirations to establish a strong presence as a prominent digital banking entity in key regions including Europe, the Middle East, Africa (EMEA), and the Gulf Cooperation Council (GCC).

This ambitious expansion plan underscores Colendi's commitment to scaling its innovative fintech solutions and services to a global audience, positioning itself as a leading player in the evolving landscape of digital banking and financial technology.