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Turkish fintech start-up Colendi has secured $65 million from a group of investors, taking its valuation to $700 million, Bloomberg reported on Wednesday.
The Series B round was led by Citi Ventures, the venture capital investing arm of Citigroup, and participated by Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg and Hedef Holding, the news agency said, quoting Bulent Tekmen, Co-Founder of Colendi.
The company’s existing investors also participated in the investment round.
The digital banking start-up is looking to raise the valuation to $1 billion.
Colendi provides financial services, including quick access to loans through the buy-now-pay later scheme. It caters to “individuals regardless of their history, banked or unbanked”.
The company, which has delivered over 5 million credit transactions, has more than 7 million users, according to its website.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
