Turkish Fintech Start-Up Colendi Secures $65 Million in Funding

– Colendi, a Turkish fintech start-up, has raised $65 million in a Series B funding round, increasing its valuation to $700 million. The round was led by Citi Ventures, with participation from Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding.

– The company, which aims to reach a $1 billion valuation, offers financial services including quick access to loans through a buy-now-pay-later scheme, serving both banked and unbanked individuals.

– Colendi has processed over 5 million credit transactions and has more than 7 million users, according to its website.

Turkish fintech start-up Colendi has secured $65 million from a group of investors, elevating its valuation to $700 million, Bloomberg reported.

The Series B round was led by Citi Ventures, the venture capital arm of Citigroup, with participation from Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding, according to Bulent Tekmen, Co-Founder of Colendi.

Existing investors also contributed to the round. The digital banking start-up aims to increase its valuation to $1 billion.

Colendi provides financial services, including quick access to loans through a buy-now-pay-later scheme, catering to individuals regardless of their banking history. According to its website, Colendi has processed over 5 million credit transactions and boasts more than 7 million users.