Turkish fintech Colendi has raised a $65M Series B round following its valuation at $700M. The round was led by Citi Ventures, the venture capital arm of Citigroup, with Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding participating. Existing investors also supported.
Founded by Bulent Tekmen, Colendi offers services such as fraud protection, ‘financial passports’ and credit scoring without retaining users’ personal data.
Colendi launched a new financing 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 $1B valuation.
He commented on the raise: "With the Series B round, which was in extreme demand, the necessary investment for the establishment of Colendi Bank was collected."
Colendi has 17 million users in Turkey and aims to expand to populous emerging markets, including Pakistan and Indonesia. The company aims to become a major digital banking entity in Europe, the Middle East, and Africa (EMEA), and the Gulf Cooperation Council (GCC).
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