Colendi, a financial technology startup from Turkey, has secured $65 million in new funding at a valuation of $700 million from investors including Citi Ventures. In addition to Citi Ventures, other participating investors in the B round of funding include Migros Ticaret AS, Sepil Ventures, Re-Pie Asset Management, Finberg, and Hedef Holding. The Turkish banking regulatory agency has approved Colendi's application to establish a digital bank by 2023. Tekmen stated that the oversubscribed B round of funding will provide the necessary capital to establish Colendi Bank.