Colendi secures $150m credit facility from Fibabanka

Turkish micro-lending firm Colendi has secured a $150 million credit line from digital bank Fibabanka to help provide financial support to its customers.

Colendi is a “multifunctional” banking-as-a-service (BaaS) fintech that provides payment, loan and investment services for consumers, merchants and financial institutions.

The firm will utilise the new facility to provide new loan and investment opportunities as it attempts to “democratise” digital banking services for the underbanked.

Colendi global CEO Bülent Tekmen says: “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.”

Fibabanka general manager and board member Ömer Mert says the partnership forms part of the bank’s strategy of working to ensure companies and individuals “have easy access to financial services through ecosystem partnerships we have established with various financial technology companies”.