In a period where digital banking is redefining the boundaries of the financial sector, ColendiBank, a subsidiary of one of the world's fastest-growing fintech companies, Colendi, has received operational permission from BDDK as Turkey's first artificial intelligence-based digital deposit bank.
Having obtained its establishment license from BDDK in August 2023, ColendiBank embarked on its journey with the goal of becoming a leader in next-generation banking after successfully passing the operational license inspection conducted by BDDK.
On October 31, 2024, the BDDK issued its decision number 10997, granting permission for the operation of ColendiBank as a digital deposit bank, following evaluations based on Article 10 of the Banking Law No. 5411, regulations regarding Banking Operations Subject to Permission, and the Principles of Operation of Digital Banks and Service Model Banking.
Transforming Banking in Turkey into a 'New Era'
Emphasizing that consumers today expect trust, convenience, and speed from banking services, Bülent Tekmen, the Founding Partner and CEO of Colendi, and Chairman of the Board of ColendiBank, stated that ColendiBank, as the first artificial intelligence-based digital deposit bank, would usher in a 'new era' in the Turkish banking sector by providing services designed according to the changing needs of next-generation users, supported by advanced technological infrastructure.
In a statement regarding the matter, Bülent Tekmen said:
“ColendiBank, as a reflection of our expertise in financial technologies, aims to create a more inclusive and broader financial ecosystem. The innovative and personalized services we offer on Turkey's leading digital payment platforms, combined with banking technologies and artificial intelligence solutions, open the doors to a new era aimed at comprehensively understanding users' financial needs and meeting them with secure solutions. Along with ‘Buy Now, Pay Later,’ ready credit limits, securities, and insurance products, we will further enhance user experience through digital banking services and artificial intelligence. So far, we have managed to touch the lives of over 18 million people and simplify their lives with our embedded financial solutions. By leveraging the group’s experience in ‘data-driven products,’ ColendiBank focuses on accurately and timely addressing customer needs, enabling effective, personalized, and user-friendly service delivery. We are ready to become Turkey's leading digital deposit bank by providing credit financing and deposit services to SMEs. With the addition of ColendiBank to our ecosystem, we will achieve our goal of becoming a 'national champion' that emerges from Turkey and exponentially increases its global successes. Our aim is to reach over 1 billion users worldwide and be part of their lives.”
ColendiBank is equipped with the infrastructure to provide effective solutions in the field of embedded financial technologies, especially compared to traditional banking or the digital services of traditional banks. The user-centric approach to ColendiBank's services is designed to be easily accessible, completely fluid in terms of customer experience, and to digitize all processes, allowing users to easily perform all banking transactions such as opening accounts, transferring money, making payments, or applying for loans. Additionally, users can carry out all desired transactions from their mobile devices or computers without ever needing to visit a branch.
Tekmen indicated that with the operational license, by the first half of 2025, ColendiBank would operate with a fully equipped (full-stack) infrastructure entirely developed in Turkey by Turkish engineers. He stated, “We will become a leader in Turkey and then expand beyond borders to operate wherever there is a need in the region and even globally. This step in digital banking positions Colendi as the 'Tesla' of finance, adapting to every innovation and offering a flawless product with its unique approaches.”
'We Are Ready for Our Goal to Become a Global Player'
Deniz Devrim Cengiz, Founding Partner and CEO of ColendiBank, also commented:
“With ColendiBank, we are proud to pass a historic threshold and inscribe our name in the banking history of our country as the 'first artificial intelligence-based digital deposit bank' while building a financial world that offers effective solutions for everyone.”
Cengiz recalled that Colendi acquired SETL, a blockchain solutions and payment service provider based in London, in 2022, noting that SETL is one of the technology suppliers for the digital currency project of the New York Federal Reserve Bank (FED). He expressed confidence that with Colendi’s local and global competencies and financial strength, ColendiBank would soon introduce its customers to the future of finance. Cengiz reiterated his belief that, with the support of the two fintech giants Colendi and SETL, ColendiBank would achieve its goal of becoming a global player in the Turkish banking sector, providing high levels of 'trust' to its users.
With a $65 million investment received in 2024, Colendi's valuation has reached $700 million, placing it among Turkey's Turcorn100 companies.
