ColendiBank Obtains Operating License
ColendiBank, a subsidiary of Colendi, has received operational approval from the Banking Regulation and Supervision Agency (BDDK) as Turkey's first artificial intelligence-based, born-digital deposit bank. ColendiBank aims to become a global player by preparing to offer innovative and personalized digital services developed with artificial intelligence, backed by Colendi's financial technology infrastructure.
In an era where digital banking is redefining the boundaries of the financial sector, ColendiBank has embarked on its journey with the goal of becoming a leader in next-generation banking after receiving establishment approval from BDDK in August 2023 and subsequently its operational license after the BDDK's licensing audit process.
With the decision dated October 31, 2024, and numbered 10997, BDDK has granted permission for the operation of ColendiBank as a digital deposit bank following the assessment conducted under Article 10 of the Banking Law No. 5411, Article 7 of the Regulation on Banking Operations Subject to Permission and Indirect Shareholding, and the Regulation on the Fundamental Principles of Digital Banks and Service Model Banking.
Colendi's Founding Partner and CEO, Bülent Tekmen, who is also the Chairman of the Board of ColendiBank, emphasized that consumers today expect trust, convenience, and speed from banking. He stated that ColendiBank, as the first AI-based born-digital deposit bank, would bring the banking sector into a 'new era' in Turkey with services designed according to the changing needs of next-generation users and supported by technological infrastructure.
Tekmen expressed, "As a reflection of our competence in financial technologies, ColendiBank is on a mission to create a more inclusive and expansive financial ecosystem. Our innovative and personalized services, offered through Turkey's leading digital payment platforms, are opening doors to a new era aimed at comprehensively understanding users' financial needs and meeting them with secure solutions, combined with banking technologies and artificial intelligence solutions. We will enhance user experience through features such as 'Buy Now, Pay Later', available credit limits, securities, and insurance products, along with digital banking services and artificial intelligence. So far, we have been able to touch the lives of over 18 million people and ease their lives with our embedded financial solutions. ColendiBank's infrastructure, benefiting from the group's 'data-driven product' experience, focuses on solving customer needs in the most accurate and timely manner; it enables the effective, personalized, and user-friendly presentation of the services to be offered. We are ready to be Turkey's leading digital deposit bank with the credit financing and deposit services we will provide to SMEs. With ColendiBank joining our ecosystem, our goal of becoming a 'national champion' that emerges from Turkey and exponentially increases its global success will be realized. Our aim is to reach over 1 billion users worldwide and become part of their lives," he stated.
ColendiBank possesses the infrastructure to offer effective solutions, especially in the area of embedded financial technologies, compared to traditional banking or the digital services of traditional banks. Designed with a user-centric approach, ColendiBank services enable seamless, fully digitalized processes, allowing users to easily conduct all banking transactions such as account opening, money transfers, payments, or loan applications. Additionally, users can perform all their desired transactions from their mobile devices or computers without ever needing to visit a branch.
With operational approval, Tekmen conveyed that in the first half of 2025, ColendiBank's full-stack products will be developed 100% in Turkey with Turkish engineers. He added, "We will reach a leading position in Turkey and afterwards operate where there is a need in the region and even globally. This step in digital banking positions Colendi as a financial ‘Tesla’ that can adapt to every innovation and offer a flawless product through its unique pathways in the ‘Century of Turkey’.”
ColendiBank's Founding Partner and CEO, Deniz Devrim Cengiz, stated, "We will carry the success we've created at Colendi, which makes access to financial services easier, faster, more transparent, and fair for everyone, to ColendiBank." He expressed immense pride in crossing a historic threshold and inscribing our name in the history of Turkish banking as the 'first AI-based born-digital deposit bank'.
Cengiz recalled that Colendi acquired SETL, a London-based blockchain solutions and payment services provider, 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 stated that with Colendi's local and global competencies and financial strength, ColendiBank would quickly introduce its customers to the future of the financial world. Cengiz reiterated his belief that, backed by two fintech giants, Colendi and SETL, ColendiBank would soon achieve its goal of becoming a globally trusted actor within the Turkish banking sector.
With a $65 million investment received in 2024, Colendi's valuation has reached $700 million, placing it among Turkey's Turcorn100 companies.