Turkish Fintech Colendi Raises Funds at $700 Million Valuation

Turkey’s fintech startup Colendi raised $65 million in fresh funding from a group of investors including Citigroup Inc.’s venture capital arm at a valuation of $700 million.

Apart from Citi Ventures, Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding participated in the Series B round, according to Bulent Tekmen, co-founder and chief executive office of Colendi, formally known as Colendi Yapay Zeka ve Buyuk Veri Teknoloji Hizmetleri AS. Existing investors also took part in the round, he said.

Bulent Tekmen

Source: Colendi

Turkey’s banking regulator approved Colendi’s application to establish a digital bank in ...