Colendi, Turkey’s foremost fintech company, has officially received a banking license, marking a significant milestone in its journey to becoming the nation’s first digital bank. With 18 million customers already on board, Colendi is poised to revolutionize the Turkish banking landscape by offering a fully digital, AI-powered banking experience.
The company has forged substantial partnerships with some of Turkey's largest corporations, including Migros, the country's leading multi-format grocery retailer, and Turkcell, the largest telecom operator. These alliances, combined with Colendi’s aggressive expansion strategy, have solidified its position as a key player in Turkey's financial technology sector.
Over the past 24 months, Colendi has strategically acquired several key licenses, including those for e-money, asset management, capital markets, and insurance brokerage. This has allowed the fintech giant to build a comprehensive ecosystem, offering a wide array of financial services. Since its inception in 2021, Colendi’s payment division has experienced exponential growth, expanding more than 40 times, while its credit business has grown over tenfold. The company has processed over $300 million in financial transactions, serving more than 1.5 million credit users.
Colendi has also distinguished itself as the first brokerage in Turkey to offer trading of international stocks in Turkish Lira, alongside commodities, precious metals, and local stocks. Additionally, it has pioneered embedded insurtech products within retail channels, broadening its reach into new verticals.
With the newly obtained banking license, ColendiBank, as it will be known, is now empowered to receive deposits and issue loans from its own balance sheet, all within a secure and regulated environment. The bank's proprietary technology, which spans the entire vertical stack, will be integral to its operations, leveraging Turkey's robust banking infrastructure and regulatory standards to offer a seamless digital banking experience.
ColendiBank’s ambitions extend beyond Turkey. The firm aims to scale its platform to reach 50 million customers across the region, positioning itself as a global leader in financial technology innovation. At the core of ColendiBank’s strategy is the integration of financial technology with artificial intelligence. This AI-driven approach will enable the bank to provide personalized, efficient services, transforming user experiences and setting new standards in digital banking.
