Turkish fintech startup Colendi successfully raised USD 65 million in a Series B funding round, bringing its valuation to USD 700 million. This significant milestone was led by a consortium of investors, including Citi Ventures, the venture capital arm of Citigroup.
Colendi Co-founder and CEO Bülent Tekmen announced that notable participants in the Series B round included Migros, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, along with existing investors. Tekmen emphasized that the overwhelming demand in the Series B round secured the necessary investment to establish Colendi Bank.
Tekmen also revealed Colendi's ambitious plans to pursue dual listings in Istanbul and London, with the goal of being ready for an initial public offering (IPO) by 2026. Furthermore, Colendi initiated a new funding round in March, aiming to raise over USD 150 million by the end of the year, which is expected to increase the company's valuation to USD 1 billion.
With 17 million users in Türkiye, Colendi aims to expand its user base to 1 billion by targeting high-growth markets such as Pakistan and Indonesia. The company is committed to growing both domestically and internationally, leveraging new investments and strategic initiatives to strengthen its position in the global fintech ecosystem.
The USD 65 million funding from the Series B round, together with Colendi's forward-looking strategies, are accelerating its journey towards becoming a unicorn. As a significant player in the fintech ecosystem, Colendi continues to garner attention with its innovative solutions and strategic goals.
Colendi's success not only underscores its potential in the Turkish market but also highlights the strength and influence of the Turkish technology ecosystem on the global stage.