Financial news

Anglo-Turkish fintech firm Colendi has received the green light from Turkey’s Banking Regulation and Supervision Agency (BRSA) to introduce the country’s first digital deposit bank.

This approval positions ColendiBank for launch, thus marking a significant step towards elevating Istanbul’s status as a global hub for digital banking.

ColendiBank will leverage its proprietary technology in conjunction with Turkey‘s banking infrastructure and regulatory framework to deliver a wide range of services, aiming to cater to the financial needs of a projected 50 million users in the region, up from its current 18 million user base.

“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.”

Full steam ahead

Colendi’s growth trajectory has also positioned it as a key player in Turkey’s fintech landscape, with major partnerships including the likes of Migros, the largest multi-format grocery retailer in Turkey, and Turkcell, the nation’s largest telecom operator. The milestone approval also builds upon Colendi’s strategic acquisitions of licences across various financial sectors, enhancing its comprehensive financial services portfolio.

The integration of artificial intelligence with fintech innovations is also gearing up to enhance the landscape of personalised financial services, injecting a significant boost into ColendiBank’s digital deposit and service banking model.

“Turkey has become the right country to establish our base,” said Ian Hannam, the British chairman of Colendi. “Our high growth momentum is the result of our hard-working, ambitious team and our partners, who always supported us.

“We look forward to building within the regulated network, developing high-quality innovative products, which will operate safely, securely and swiftly for our retail clients. Our next step is to expand into new markets. Turkey’s regulative environment is almost identical to the EU and MENA.”

Colendi’s valuation has also surged from $120million to $750million during an ongoing Series B investment round, showcasing its upward trajectory.