Turkish FinTech Colendi has revealed that it has gained approval to launch the nation’s first digital bank.
The announcement followed the firm receiving approval from the Turkish Banking Regulation and Supervision Agency (BRSA) to launch the service, which represents a significant step towards accessible banking through digital platforms for the organisation.
Colendi plans to leverage its proprietary technology in alongside the country’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 customer base.
Bülent Tekmen, co-founder and CEO of Colendi said: “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.
“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.”
The integration of artificial intelligence into the FinTech space is set to enhance the landscape of personalised financial services, boosting ColendiBank’s digital deposit and service banking model.
The Turkish FinTech raised $30 million in a Series A round in 2021, and has seen its valuation climb from $120 million to $750 million, as per the release.
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