Colendi

Colendi is a financial technology platform based in Istanbul, Turkey, and London, England, that provides alternative banking solutions, instant micro-credit, and "buy now, pay later" services to unbanked and underbanked consumers. To facilitate these services, the company utilizes a proprietary artificial intelligence credit scoring model that evaluates over 3,500 distinct data points to assess risk for individuals lacking traditional financial histories. Beyond its core consumer lending operations, the platform generates revenue by offering integrated micro-investment tools aimed at facilitating retail savings. These alternative investment features allow retail customers to allocate capital across various asset classes, including foreign exchange, gold, silver, cryptocurrencies, and fractional stocks. Operating primarily through partnerships with other platforms and financial entities, the enterprise has scaled its infrastructure to reach over 7 million users. Colendi was founded in 2021 by Mihriban Ersin Tekmen and Bülent Tekmen.

High-Level Overview

Colendi is a fintech company founded in 2018 that provides embedded finance solutions, including alternative credit scoring, microcredit, buy-now-pay-later (BNPL) services, and investment tools, primarily targeting unbanked and underbanked individuals, merchants, and financial institutions.[1][2][3][4][5][6] It democratizes access to banking by integrating AI-driven scoring algorithms and big data to bypass traditional barriers, serving over 7 million users with more than 5 million credit transactions processed.[2][4][5] Colendi's platform acts as a marketplace connecting licensed financial entities—like banks, payment institutions, and crypto exchanges—with users, enabling instant micro-loans, payments, and investments without legacy banking limitations.[2][6]

The company solves chronic financial exclusion affecting billions worldwide by offering unbiased, merit-based services that empower users regardless of banking history, while partnering with businesses for zero-cost fintech embedding.[2][4][5] Growth has been strong, highlighted by a $65 million funding round in July 2024 targeting a $1 billion valuation, alongside launches like ColendiMind for AI-powered finance.[3]

Origin Story

Colendi was founded in 2018 in London, United Kingdom, by Bülent Tekmen, who serves as Co-Founder and Global CEO, alongside a team with deep expertise in finance, banking, fintech, payments, DeFi, and ReFi.[1][2][3] Tekmen and co-founder Bülent Tekmen (board member) built the company to address the plight of over 3 billion unbanked people and 5 billion without credit access, emerging from the need for alternative scoring beyond traditional models.[2][4][5]

Early traction came through strategic JV partnerships that instantly turned partners into fintech platforms at zero cost, rapidly scaling to business allies reaching 100 million+ individuals.[2] Pivotal moments include securing a strong board with figures like Sir David Walker (former Barclays chairman) and hitting 7 million users with 5 million+ credit transactions, fueled by AI and big data innovations.[2][4]

Core Differentiators

Colendi stands out in embedded fintech through these key strengths:

• AI-Powered Alternative Scoring: Uses proprietary machine learning algorithms for unbiased, dynamic credit assessment, enabling instant approvals for unbanked users without traditional barriers.[1][2][4][6]
• Comprehensive Marketplace Integration: Connects licensed institutions (banks, crypto exchanges, insurers) with users and merchants via a B2B2C model, offering zero-cost embedding for partners.[2][3][5][6]
• Diverse Product Suite: Includes interest-free microcredits, BNPL, investments in crypto/gold/stocks/FX, and tools like ColendiMind for AI-driven finance, all accessible via simple apps.[3][4][6]
• Proven Scale and Traction: 7M+ users, 5M+ transactions, and partnerships with 100M+ reach, backed by a team blending traditional finance with DeFi expertise.[2][4][5]
• User-Centric Philosophy: Meritocratic, classless approach emphasizing financial literacy, micro-investments, and just-in-time finance for all, banked or not.[2][6]

Role in the Broader Tech Landscape

Colendi rides the embedded finance and BNPL wave, capitalizing on the global shift toward democratized banking amid rising digital adoption and AI advancements.[3][4][5] Timing is ideal as over 3 billion remain unbanked, yet smartphone penetration enables instant services; market forces like open banking regulations and crypto integration favor its aggregator model.[2][4][6]

It influences the ecosystem by turning any company into a "fintech company" via JV partnerships, boosting financial inclusion in emerging markets like Turkey and beyond, while recent $65M funding signals investor confidence in AI-fintech hybrids.[2][3] Colendi accelerates DeFi-ReFi convergence, providing liquidity and tools that legacy banks can't match quickly.[2]

Quick Take & Future Outlook

Colendi is poised for unicorn status post its 2024 funding, with expansion into AI tools like ColendiMind and deeper crypto/investment plays driving next-phase growth.[3] Trends like real-world asset tokenization, cross-chain DeFi, and regulatory tailwinds for embedded finance will shape its path, potentially scaling users to tens of millions via global partnerships.[2][6]

Its influence may evolve from regional disruptor to global integrator, empowering more unbanked through merit-based finance—reinforcing its core mission to simplify the complicated and unempower the unempowered.[2]