Colendi reached a valuation of $700 million with its latest investment round
Colendi attracted $65 million in new investment in its Series B investment round. The valuation of the company thus reached 700 million dollars. Speaking to Bloomberg, Colendi CEO Bülent Tekmen announced that he expects the valuation to rise to $1 billion.
Turkish fintech startup Colendi, including Citigroup Inc. It reached a valuation of $700 million by raising $65 million in the Series B investment round from a group of investors, including a venture capital arm.
Bülent Tekmen, co-founder and CEO of Colendi, said that Migros, Citi Ventures, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding, as well as existing investors, participated in the Series B investment round.
Answering Bloomberg’s questions, Tekmen said, “The financing will support the company’s mission to become an important digital banking institution across EMEA, GCC and Turkic republics.”
The Banking Regulation and Supervision Agency approved Colendi’s application to establish a digital bank in 2023. Stating that financing was provided for the establishment of Colendi Bank with the income obtained from the investment tour, Tekmen announced that they aim to collect more than 150 million dollars of investment by the end of the year with the Series C investment tour and to become a unicorn with a valuation of 1 billion dollars.
Colendi aims to be ready for public offering both domestically and abroad by 2026. London stands out for international public offerings.
Colendi, which has 17 million users in Turkey, aims to reach 1 billion users and plans to achieve this goal by growing in developing markets with large populations such as Pakistan and Indonesia.