Participated · Series B · May 2024

Colendi is a Turkish fintech founded by Bulent Tekmen that offers fraud protection, ‘financial passports’ and credit scoring without retaining users’ personal data. The company serves 17 million users in Turkey and aims to expand into populous emerging markets such as Pakistan and Indonesia, plus broader EMEA and GCC markets. Colendi intends to become a major digital banking entity in its target regions and is pursuing the establishment of Colendi Bank. In March the company launched a new financing round and aims to raise more than $150 million by the end of the year. Management has said the Series B proceeds will support the bank buildout and broader expansion plans. The company said it was valued at $700 million following the recent raise and is pursuing further capital to reach a $1 billion valuation. Colendi builds a blockchain-based, decentralized credit evaluation and microcredit protocol designed to serve unbanked and underbanked consumers. Its core product is a real-time credit-scoring solution that bridges lenders and borrowers and is compatible with traditional banking requirements and financing methods. The company plans to develop key products including the Colendi app and use raised capital for general business operations. Colendi positions its microfinance-focused platform to enable global participation in banking through microfinancing. The team is led by co-founder and CEO Bulent Tekmen and has foundational support from infrastructure organizations ConsenSys and Token Foundry. Colendi has added strategic partners and a roster of advisors with fintech, blockchain and mobile expertise to support product and market development.