Turkish FinTech Colendi has received approval from Turkey’s banking regulator to launch as the country’s first digital deposit bank.

Having received approval from Turkey’s Banking Regulation and Supervision Agency (BRSA), the FinTech said its banking platform, ColendiBank, plans to reach 50 million customers regionally.

Colendi, which states that it has grown its payment business by more than 40 times since its launch in 2021, added that the authorisation from BRSA will help it to benefit from Turkey’s banking infrastructure and regulatory standards, noting that through technology-driven innovations, its goal is to "meet all customers’ financial needs" through digital banking.

“We are thrilled to obtain authorisation for the establishment of a digital deposit bank, ushering in a new era of accessible banking for our platforms and users,” said Colendi chief executive and co-founder Bülent Tekmen. “Colendi’s business model is to work with first class organisations and enable them to reach their retail and SME customers to offer financial products within a regulated environment.”

Colendi acquired London-based blockchain company SETL last year, with Tekmen stating that the acquisition of the company, which is the main technology partner for the Federal Reserve Bank of New York’s digital dollar initiative, had been a driving force behind ColendiBank.

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