According to Odaily, Turkish fintech startup Colendi has announced the completion of a $65 million Series B funding round, bringing its valuation to $700 million. The funding round was led by Citi Ventures, the venture capital arm of Citigroup, with participation from Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding.
It is reported that the Turkish banking regulator has approved Colendi's application to establish a digital bank in 2023. Currently, Colendi has 17 million users in Turkey and aims to expand to populous emerging markets, including Pakistan and Indonesia, with a final goal of reaching 1 billion users.
The funding will help drive Colendi's mission to become a major digital banking entity in Europe, the Middle East, and Africa (EMEA), and the Gulf Cooperation Council (GCC).
