Turkish FinTech company Colendi has received approval to launch the first digital bank in Turkey. The approval from the Turkish Banking Regulation and Supervision Agency (BRSA) is a significant advancement towards providing accessible banking services through digital platforms.
Colendi intends to utilize its proprietary technology in conjunction with the country’s banking infrastructure and regulatory framework to offer a diverse range of services. The goal is to address the financial needs of an anticipated 50 million users in the region, a significant increase from its current customer base of 18 million.
Colendi’s CEO, Bülent Tekmen, expressed excitement about the authorization to establish a digital deposit bank, marking a new era of accessible banking for their platforms and users. He highlighted Colendi’s collaboration model with reputable organizations to provide regulated financial products to retail and SME customers.
The integration of artificial intelligence into the FinTech sector is expected to enhance personalized financial services, bolstering the digital deposit and service banking model of ColendiBank.
Having secured $30 million in a Series A funding round in 2021, the Turkish FinTech company’s valuation has surged from $120 million to $750 million, according to the provided information.
By FCCT Editorial Team
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