Turkish fin-tech start-up receives $30M investment

By Fatma Eda Topcu

ISTANBUL (AA) – Turkish fin-tech start-up Colendi received a Serie A investment of $30 million through a valuation of $120 million.

With this investment, Colendi has become the Turkish start-up receiving the largest amount of Serie A investment so far, the company said on Thursday.

Series A, B, C define the potential of growing ventures. After angel investment and seed periods, start-ups in Serie A offer not only great ideas but also have a strong strategy and successful story.

Thanks to the investment, the company had a chance to move its headquarters to the UK and become an international company, it stressed.

The firm offers its customers financial services, such as payment systems, and credit opportunities via its grading algorithm using artificial intelligence and big data.

The firm graded 2.4 million people during the last 12 months.

Out of total $30 million investment, $12 million came from Repie, which targets start-ups with the potential of becoming a unicorn.

Unicorn is a term that refers to start-ups with a valuation of $1 billion or over.

After the investment, Ian Hannam, experienced in JP Morgan and Salomon Brothers, was named the Colendi CEO.

The firm plans to benefit from its investment to offer the best service quality globally.

Mehmet Sepil, an investor of the company, said Colendi will be a unicorn by easing financial services for the citizens.

*Writing and contributions by Gokhan Ergocun