Fintech firm Colendi raises $65 million at $700 million valuation

Turkish fintech startup Colendi has raised $65 million in fresh funding from investors including Citigroup's venture capital arm at a valuation of $700 million. In addition to Citi Ventures, Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding also participated in the Series B round.
The Turkish banking regulator has approved Colendi's application to establish a digital bank in 2023. Tekmen said the oversubscribed Series B financing provided the necessary funds to establish Colendi Bank.