Colendi, the largest FinTech service provider in Turkey, has made a deal with Fibabanka who agreed to opening a $150 million strategic credit line to Colendi users. With this agreement, Colendi will keep providing opportunities to more than 10 million people.
Colendi, the fastest growing FinTech company in Turkey, has made a strategic alliance with Fibabanka which is one of the country’s leading banks in the ecosystem banking. As part of its partnership with Fibabanka, Colendi secured a credit line totaling up to $150 million. Colendi will continue to provide opportunities with new products and services to its users in the fields of payment, loan, and investment services thanks to the funding supplied by Fibabanka.
Colendi Global CEO Bülent Tekmen emphasized the significance of the strategic credit line deal between Colendi and Fibabanka. “With this facility, we will be providing our clients with greater benefits. We have agreed with Fibabanka to a credit line worth of approximately $150 million to be used by Colendi users. By signing this agreement, Colendi and Fibabanka have also become partners. We, as Colendi, are developing cutting-edge loan and investment opportunities for our 10 million users, and creating various services based on algorithms by fusing new generation financial technology solutions with artificial intelligence and big data. We achieve this in collaboration with platform partners and strategic business partners. With the support of the financing line we received from Fibabanka and in collaboration with our business partners, we will be able to provide our users new opportunities on our platforms. Our rapid growth will be further accelerated by the new credit facility offered by Fibabanka. We believe that every company will soon be required to offer digital financial services to its users therefore eliminating the necessity for physical bank branches. Our aim is to become a global company with a client base in all three continents.”
Regarding this arrangement, Fibabanka General Manager and Board Member Ömer Mert stated, “We are happy to announce the new financing deal with Colendi. Our relationship started in 2021 when the Bank’s corporate venture capital subsidiary Finberg made an investment in Colendi.
In line with the Bank’s strategy, we have been working for a long time for more companies and individuals to have easy access to financial services through ecosystem partnerships we have established with various financial technology companies. We also find it very valuable to work on different models with the startups in which we invest. In this respect, we are confident that our collaboration with Colendi will be a great success matching with our targets, cutting-edge viewpoint, and extensive financial technology expertise. Colendi is on the way to become a strong fintech in Turkey, MENA and Europe. We are excited to be a part of this development. With the new collaboration, the Bank targets to grant $150 million financing facility for Colendi users.”
Colendi is a multifunctional banking as a service platform that democratizes banking services for consumers, merchants, and financial institutions to overcome the limitations associated with legacy banking. Colendi is moving forward with the goal of solving a chronic financial problem that directly affects more than three billion people who do not have bank accounts and more than five billion people who cannot get loans.
Colendi develops unique services based on scoring algorithms, combining new generation financial technology solutions utilizing artificial intelligence and big data. Together with its platform partners and strategic business allies, Colendi provides fast and easy access to loans with buy-now-pay-later model as well as other distinct financial services to 10 M users as of today. By increasing users’ literacy level, Colendi helps them save through micro-investment platforms.
Designing effective business processes with the vision of becoming the “Most Loved Bank of Turkey” and the “Agile thinking, agile solutions” approach, Fibabanka’s journey to success started on 27 December 2010 under the Fiba Group. Specialized in the areas of Corporate, Commercial, Personal and Private Banking, Fibabanka delivers services with a young, dynamic workforce consisting of 1.849 employees at a total of 44 branches as of August 2022.
Through collaborations with the leading brands in Turkey and the momentum generated with the ecosystem and platform banking services, Fibabanka continues to increase the number of its customers and diversify its customer base. Continuing its investments as part of the digital transformation process, the Bank focuses on unconditional customer satisfaction with its innovative products and services.