Turkish fintech startup, Colendi, has successfully raised $65m in fresh funding.

Colendi, known for its innovative digital banking and financial services, has received approval from Turkey’s banking regulator to establish a digital bank.

“With the oversubscribed Series B round the investment necessary for the establishment of Colendi Bank has been raised”, Colendi co-founder and CEO Bulent Tekmen said.

The Istanbul-based company, which launched a new funding round in March, aims to raise over $150m by the end of the year. Tekmen anticipates that Colendi’s value will reach $1bn once the round concludes.

With a current user base of 17 million in Turkey, Colendi has ambitious plans to expand to emerging markets with large populations, such as Pakistan and Indonesia. The company also targets a dual listing in Istanbul and London, planning to be IPO-ready by 2026.

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