Funding

Colendi funding news – Fintech Startup Colendi Secures $65Million Series B Round Funding

May 23, 2024 | By Startup Rise EU

London-based fintech startup Colendi secures $65million series B round funding at a valuation of $700 million from a group of investors, including Citigroup's venture capital arm, Citi Ventures . with Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding participating. Existing investors also supported.

SUMMARY

London-based fintech startup Colendi secures $65million series B round funding at a valuation of $700 million.
The corporation wants to establish itself as a prominent player in the Gulf Cooperation Council (GCC) and Europe, the Middle East, and Africa (EMEA).

Bülent Tekmen said, "The necessary investment for the establishment of Colendi Bank was collected with the Series B round, which was in extreme demand." Tekmen added that the company aims for a double listing in Istanbul and London and plans to be ready for public offering by 2026.

Colendi hopes to raise over $150 million by the end of this year after launching a fresh financing round in March. Tekmen anticipates that the company will reach unicorn status with a $1 billion valuation after the financing is over.

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With 17 million members in Turkey, Colendi wants to go into populated emerging nations like Indonesia and Pakistan. The corporation wants to establish itself as a prominent player in the Gulf Cooperation Council (GCC) and Europe, the Middle East, and Africa (EMEA).

About Colendi

Bulent Tekmen founded Colendi, a company that provides services like credit scoring, "financial passports," and fraud prevention without keeping track of its customers' personal information.

In order to get beyond the drawbacks of legacy banking, it is a multipurpose platform for banking as a service that democratises banking services for customers, businesses, and financial institutions.