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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.

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