Turkish fintech Colendi raises funding at a valuation of $700 million

The Turkish fintech startup <-bsp-bb-link state="{"bbHref":"bbg://securities/1650118D%20SW%20Equity","_id":"0000018f-a045-de3b-adcf-fae7055f0000","_type ":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Colendi-bsp-bb-link> has raised $65 million in new funding from a group of investors including the venture capital arm of Citigroup Inc. at a valuation of $700 million.

Except for <-bsp-bb-link state="{"bbHref":"bbg://securities/8683242Z%20US%20Equity","_id":"0000018f-a045-de3b-adcf-fae705620000","_type" :"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Citi Ventures-bsp-bb-link>, Migros Ticaret AS, Sepil Ventures, <-bsp-bb-link state="{"bbHref":"bbg: //securities/2012174D%20TI%20Equity","_id":"0000018f-a045-de3b-adcf-fae705620002","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Re-Pie Asset Management -bsp-bb-link>, <-bsp-bb-link state="{"bbHref":"bbg://securities/1874633D%20TI%20Equity","_id":"0000018f-a045-de3b-adcf- fae705630000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Finberg-bsp-bb-link>e <-rte-company state="{"_id":"0000018f-a045-de3b- adcf-fae705630001","_type":"00000160-4b23-d8bd-adfd-4b3348fd0000"}">Hedef Holding-rte-company> participated in the Series B round, according to Bulent Tekmen, co-founder and CEO of Colendi, formally known as <-bsp-bb-link state="{"bbHref":"bbg://securities/1920461D%20TI%20Equity","_id":"0000018f-a045-de3b-adcf-fae705630002", "_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Colendi Yapay Zeka ve Buyuk Veri Teknoloji Hizmetleri AS-bsp-bb-link>. Existing investors also took part in the round.

Bulent Tekmen

Source: Colendi

Turkey’s banking regulator has approved Colendi’s application to create a digital bank in…

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