First Digital Bank Launched in Turkey

First Digital Bank Launched in Turkey

Anglo-Turkish fintech venture Colendi is launching Turkey’s first digital deposit bank after approval from the Banking Regulation and Supervision Agency (BRSA).

Bülent Tekmen

Bülent Tekmen

“We are thrilled to obtain authorisation for the establishment of a digital deposit bank, ushering in a new era of accessible banking for our platforms and users,”

said Bülent Tekmen, Co-Founder and CEO of Colendi.

“Colendi’s business model is to work with first class organisations and enable them to reach their retail and SME customers to offer financial products within a regulated environment.”

Colendi has grown to be one of Turkey’s leading fintech. It has major partnerships with Migros, the largest multi-format grocery retailer in Turkey, and Turkcell, the country’s largest telecom operator. The latest approval follows Colendi’s acquisitions over the last 24 months of e-money, asset management, capital market and insurance brokerage licences.

As Turkey’s first digital bank, ColendiBank will target growing the platform to reach 50 million customers regionally, making it a leading global player in financial technology innovation.

At the heart of ColendiBank’s transformative potential lies the fusion of financial technology and artificial intelligence. Leveraging its proprietary AI-driven technology, ColendiBank is set to introduce a range of innovative services that are both efficient and individually-tailored. This strategic integration of AI promises to redefine user experiences, ushering in an era of personalised financial services accessible through the digital deposit and service banking model.

Tekmen said that Colendi’s strategic acquisition of London-based SETL, the main technology partner for the Federal Reserve Bank of New York’s digital dollar initiative, had been a driving force behind the new ColendiBank.

SETL serves prominent institutions, including the Central Banks of England, France and Singapore, as well as Swift and the Bank of New York. SETL facilitates a Regulated Liability Network© (RLN) framework, optimising efficiency through a shared Ledger (Accounting and Reconciliation System). SETL recently launched Ledger Swarm, providing RLN for real-time settlement. SETL’s investor base and its ability to empower banks with technology infrastructure, will enable seamless digital transactions at a rate of 1 million per second, transcending geographical and dynamic barriers.

In 2021, Colendi successfully raised $30 million in a Series A investment round. The company has enjoyed continued success in an ongoing Series B round, in which Colendi’s valuation has soared from $120 million to $750 million.


Featured image credit: Edited from Unsplash

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