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

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