FinTech service provider Colendi has inked a deal with Fibabank to open a USD 150m credit line.
The funding will allow Colendi to offer new products and services in payment, loan, and investment services.
“Colendi and Fibabank have also become partners with this agreement. This investment will provide loan and investment opportunities for over 10 million Colendi users,” said Bulent Tekmen, CEO of Colendi.
The firm’s growth is expected to accelerate with the new credit line provided by Fibabank.
“We believe that every company will soon be required to offer digital financial services to its users, thereby eliminating the need for physical bank branches. We aim to become a global company with a client base on three continents,” Tekmen added.
The relationship between Colendi and Fibabank started in 2021 when the bank’s corporate venture capital subsidiary, Finberg, invested in the company, according to Omer Mert, General Manager and Board Member of Fibabank.
“We value working on different models with the startups we invest in. Our collaboration will be a great success, in line with our targets, cutting-edge viewpoint, and extensive financial technology expertise,” Mert said, stressing that Colendi is on the way to becoming a prominent fintech company in Turkey, MENA, and Europe.