According to Bloomberg, Citi Ventures led the round with assistance from Hedef Holding, Sepil Ventures, Finberg, Re-Pie Asset Management, and Turkish retailer Migros Ticaret AS.

According to Bloomberg, the firm is worth $700 million as a result of the latest fundraising round.

Colendi previously had a $150 million credit facility with digital bank Fibabanka in 2022, in addition to raising $30 million in a Series A round in 2021.

The round was "oversubscribed," according to CEO and co-founder of Colendi Bulent Tekmen, who tells Bloomberg that the money would go toward "the establishment of Colendi Bank."

Turkey's Banking Regulation and Supervision Agency (BRSA) gave Colendi permission to open the nation's first digital deposit bank last year.

Colendi said at the time that it intended to enroll 50 million consumers in the area, and the licencing allows the company to accept deposits and offer loans.

Furthermore, according to Bloomberg, Colendi could be moving toward a dual public offering in 2026, with listings on the Borsa Istanbul Stock Exchange in Turkey and the London Stock Exchange in the United Kingdom.