The Turkish digital banking startup Colendi has raised $65 million in a Series B funding round, boosting its valuation to $700 million. After the oversubscribed round, the fintech hopes to achieve a market capitalization that will grant it unicorn status when it raises additional funds. Colendi, formerly known as Colendi Yapay Zeka ve Buyuk Veri Teknoloji Hizmetleri AS, has been making strides in digital banking.
In 2023, it received approval from Turkey’s banking regulator to establish a digital bank and currently has ambitious plans to become an international neobank. Bulent Tekmen, Colendi’s Co-Founder and Chief Executive Officer, expressed confidence in the company’s future, stating that the Series B round has raised the necessary investment for the establishment of Colendi Bank. “The funding will drive the company’s mission to become a major digital banking entity across the EMEA, the GCC, and Turkic republics,” Tekmen added in the interview.
Turkish fintech startup Colendi raises $65 million in fresh funding at a valuation of $700 million https://t.co/07aquZVe46 — Bloomberg (@business) May 22, 2024 The Istanbul-based fintech and digital services company has ambitious growth plans, with a target of reaching a $1 billion valuation by the end of the year. Colendi already initiated a new funding round in March, aiming to raise over $150 million.
Tekmen believes that once this round concludes, Colendi will join the ranks of unicorn startups, a term used to desc.
