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