Turkey’s Colendi reportedly raises $65m Series B funding led by Citi
Turkish digital banking start-up Colendi has reportedly bagged $65 million in a Series B funding round.
Colendi reportedly raises $65m Series B
The round was led by Citi Ventures and supported by Hedef Holding, Sepil Ventures, Re-Pie Asset Management, Finberg and Turkish retailer Migros Ticaret AS, according to Bloomberg.
Bloomberg reports that the new funding round values the company at $700 million.
Colendi previously raised $30 million in a Series A round in 2021 and also secured a $150 million credit facility with digital bank Fibabanka in 2022.
CEO Bulent Tekmen, who co-founded Colendi in 2017, tells Bloomberg that the round was “oversubscribed” and that the funds will be put towards “the establishment of Colendi Bank”.
Colendi received the green light from Turkey’s Banking Regulation and Supervision Agency (BRSA) to launch the country’s first digital deposit bank last year.
The licencing enables the business to receive deposits and provide loans, with Colendi stating at the time that it planned to onboard 50 million customers in the region.
In addition to this, Bloomberg also reports that Colendi may be heading towards a dual public listing in 2026, set between the London Stock Exchange in the UK and the Borsa Istanbul Stock Exchange in Turkey.
