Turkey’s Colendi raises millions in Funding

2 minutes
Image: Turkey's Colendi Funding

Founded in 2017, Colendi offers AI-powered financial services and recently received approval to launch Turkey’s first digital deposit bank. 

With Colendi funding, it will enable them to establish its digital banking operations and fuel ambitious expansion plans across Europe, the Middle East, and Central Asia. 

With an existing user base of 17 million in Turkey, the startup aims to onboard 1 billion customers in emerging markets like Pakistan and Indonesia. 

Colendi’s CEO Bulent Tekmen stated the funds would drive the company’s mission to become a major digital banking entity across multiple regions.

In a major funding boost for Turkey’s flourishing fintech sector, digital banking startup Colendi has secured 65 million in a Series B funding round. 

This oversubscribed round, led by global investors like Citi Ventures and prominent Turkish companies, values Colendi at a staggering 700 million.

Key Takeaways: Turkey’s Colendi Funding

A diverse group of high-profile investors participated in the $65 million round, underlining Colendi’s growth potential.

Global banking giant Citi Ventures led the investment through its venture capital arm, alongside major Turkish corporates like retailer Migros and asset managers Re-Pie and Sepil Ventures.

Leveraging cutting-edge technologies like AI, Colendi aims to offer a superior digital banking experience compared to legacy players.

Colendi has its sights set on achieving unicorn status with a 1 billion valuation by the end of 2024.

The startup initiated a new funding round in March, aiming to raise over 150 million to power this valuation goal.

Furthermore, Colendi plans for a high-profile dual public listing in London and Istanbul by 2026, departing from the traditional IPO route taken by most startups.

While Colendi is well-funded now, it faces stiff competition in the saturated digital banking market.

Navigating regulatory hurdles in multiple regions may also pose challenges for Colendi’s future growth.

Despite macroeconomic headwinds, investor appetite for disruptive fintech firms remains robust.

However, global fintech investment fell to $113.7 billion in 2023 – the lowest in five years – as venture capitalists grow cautious.

Colendi’s ability to raise a sizable round amidst this funding crunch showcases the strength of its digital banking proposition.

Closing Thoughts on Turkey’s Colendi Funding

Turkey’s Colendi is emerges as the frontrunner in the race of global digital banking. Furthermore, it has the support of marquee investors and is strengthened by regulatory tailwinds. 

The new developments in fintech will continue to challenge the traditional banking models.

Business leaders must closely track innovative players like Colendi that leverage technology to deliver superior customer experiences and open new markets. 

The company’s bold expansion vision and upcoming milestones make it a startup to watch in 2024.

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