Colendi Receives Green Light for Turkey’s First Digital Deposit Bank, Aims for 50 Million Users

Anglo-Turkish fintech pioneer Colendi is poised to reshape Turkey’s financial landscape with the launch of the country’s first digital deposit bank, following the green light from the Banking Regulation and Supervision Agency (BRSA). This strategic move is set to transform Istanbul into a global hub for digital banking, bolstered by Colendi’s proprietary technology and Turkey’s robust banking infrastructure.

With an impressive user base of 18 million, Colendi has established itself as a leading fintech player in Turkey, boasting major partnerships with industry giants such as Migros and Turkcell. The approval from BRSA marks another milestone in Colendi’s journey, building upon its acquisitions of licenses across various financial sectors.

Colendi’s digital deposit bank, known as ColendiBank, aims to cater to the financial needs of a projected 50 million users in the region. The platform’s integration of artificial intelligence (AI) with fintech innovations promises to deliver efficient, individually-tailored services that redefine user experiences. ColendiBank’s comprehensive services will encompass deposits, lending, and more, all within a secure regulatory environment.

The driving force behind this innovative leap is Colendi’s strategic acquisition of London-based SETL, a pivotal technology partner for the Federal Reserve Bank of New York’s digital dollar initiative. SETL’s expertise in blockchain settlements and payments is set to enhance Colendi’s offerings, empowering seamless digital transactions at an impressive rate.

Ian Hannam, the British Chairman of Colendi, emphasized the company’s growth momentum and its commitment to providing high-quality innovative products within a regulated network. As ColendiBank sets its sights on expansion into new markets, the success story unfolds against the backdrop of Turkey’s regulatory environment, closely aligned with EU and MENA standards.

Colendi’s valuation surge from $120 million to $750 million during an ongoing Series B investment round underscores its upward trajectory and the market’s confidence in its vision. As Turkey’s financial landscape undergoes a transformation, ColendiBank’s debut marks a significant step toward ushering in a new era of accessible and innovative banking services for millions in the region.

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