Colendi, a Turkish fintech platform that allows micro-credit and payments, has raised $30 million in a Series A funding round led by local investor Re-Pie Asset Management Company.
Colendi said it will use the money to make its products ready for competition in the global arena, improve its service quality, and accelerate growth by expanding into new markets.
The company raised the round at a pre-money valuation of $120 million.
Re-Pie invested $12 million via a dedicated vehicle—the Colendi Private Equity Investment Fund.
The asset manager says it targets startups with the potential to become unicorns. It manages assets worth about $440 million and had earlier backed Turkish grocery delivery unicorn Getir. In fact, it invests in Getir, too, via a company-dedicated vehicle called Getir Private Equity Fund.
Colendi is led by Ian Hannam, Bülent Tekmen and Mihriban Ersin. Hannam is a veteran of the financial services industry, having spent three decades across JPMorgan and Solomon Brothers.
Apart from Getir and Colendi, Re-Pie has backed at least 12 other Turkish startups including Arvis Games, Musixen, SKYSENS, Turknet, Inofab Health, Bringoo and Sina Biotechnology.
Apart from managing private equity and venture capital-style funds, Re-Pie also manages several real estate investment funds.