Colendi, a microfinance-focused credit scoring solution for the underbanked, has secured $2.5m in funding.
The investment was supplied by firms including Aslanoba Capital, Bogazici Ventures, and Next Ventures.
Alongside the investment, the company has added four more strategic advisors to its team. These new members include former Xurpas CEO Nico Jose “Nix” Nolledo, Netmarble EMEA CEO Baris Ozistek, Limk co-founder and CEO Oguz Serdar, and GELD co-founder Sinan Koç.
Colendi is a blockchain based, decentralised credit evaluation and microcredit solutions. The company aims to connect the unbanked and underbanked with lenders and help them gain access to microfinancing.
Data, which is evaluated on a decentralised blockchain platform, is accessed from a number of points to help build a credit score for the underserved consumers. Areas analysed include mobile phone usage, social media, identity, location, e-commerce and shopping habits, transactions and search engine use, among others.
Its machine learning technology continuously monitors the data node to improve the accuracy of credit scores. The algorithms process both real-time and historic data to identify any fraudulent users.
This capital injection will be used to support Colendi’s general business operations and the development of new products, such as the Colendi app.
Colendi co-founder and CEO Bulent Tekmen said, “These investments will enable us to pursue our vision of redefining the credit scoring market and enable us to help the approximately 3 billion unbanked and underbanked worldwide to enter the financial ecosystem.”
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