Wednesday, June 12, 2024
21.9 C
New York

Turkey’s Colendi reportedly raises $65m Series B funding led by Citi

  • Company: Colendi, a Turkish digital banking start-up.
  • Funding: Raised $65 million in a Series B round.
  • Lead Investor: Citi Ventures.
  • Supporting Investors: Hedef Holding, Sepil Ventures, Re-Pie Asset Management, Finberg, and Turkish retailer Migros Ticaret AS.
  • Valuation: The funding round values Colendi at $700 million.
  • Previous Funding:
    • Raised $30 million in Series A in 2021.
    • Secured a $150 million credit facility with Fibabanka in 2022.
  • CEO: Bulent Tekmen, co-founder since 2017.
  • Use of Funds: Establishment of Colendi Bank.
  • Regulatory Approval: Received approval from Turkey’s Banking Regulation and Supervision Agency (BRSA) to launch the first digital deposit bank in Turkey.
  • Banking Services: Authorized to receive deposits and provide loans.
  • Customer Goal: Aims to onboard 50 million customers in the region.
  • Future Plans: Potential dual public listing in 2026 on the London Stock Exchange and Borsa Istanbul Stock Exchange.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

U.S. Bank taps Greenlight for family-focused money management tools

U.S. Bank Partners with Greenlight to Enhance Financial Literacy...

Finseta offloads non-trading subsidiary Capital Currencies to undisclosed buyer for £150,000

Summary of Finseta's Sale of Capital Currencies:Transaction Overview:...

Peru becomes first South American country to adopt NPCI’s UPI tech

Summary of BCRP and NPCI International Partnership:Partnership Overview:...

Beobank selects Viva to power new corporate payment solutions for SMEs in Belgium

Beobank and Viva Partnership - Key Points:Partnership Objective:...

Siri and Google Assistant look to generative AI for a new lease on life

There’s a lot riding on next week’s WWDC 2024...

Centenary Bank embarks on tech overhaul with Oracle Flexcube core banking system

Centenary Bank Technology Transformation - Key Points:Bank Overview:...

Related Articles

Popular Categories

spot_imgspot_img