Despite the increasing competition in the digital banking market, Colendi's CEO, Bulent Tekmen, is confident about the company's future. He stated that the Series B round has raised the necessary investment for the establishment of Colendi Bank. The company also plans to go public and pursue a dual listing on stock exchanges in the UK and Turkey by 2026. However, the global fintech investment has recently experienced a downturn, falling to $113.7 billion in 2023, the lowest in the last five years.
Key takeaways:
- Turkish digital banking startup Colendi has raised $65 million in a Series B funding round, increasing its valuation to $700 million and aiming for a $1 billion valuation by the end of the year.
- Colendi plans to become an international neobank, with ambitions to expand into emerging markets such as Pakistan and Indonesia, aiming to reach 1 billion users.
- The company is also planning to become a public company and pursue a dual listing on stock exchanges in the UK and Turkey by 2026.
- The funding round attracted a diverse group of investors, including Citigroup Inc.'s venture capital arm, Citi Ventures, and prominent Turkish companies such as Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding.