Istanbul-based fintech innovator Colendi AI has launched an artificial intelligence (AI) solution meant for financial institutions globally, as it plans expansion into Africa and the rest of the Middle East.
- •Through the AI solution, ColendiMind, Colendi AI is aiming “to enhance decision-making, improve customer experience, and boost loan performance for financial institutions globally.”
- •Colendi provides embedded fintech services that democratize banking services for consumers, merchants, and financial institutions, according to its profile on Crunchbase.
- •In May, the company raised $65 million its series B funding round led by Citi Ventures and Migros Ticaret AS, a leading Turkish retailer, valuing the company at $700mn.
The fintech, founded by Bulent Tekmen in 2018, emphasises on data privacy as a core part of its business model, which includes credit scoring, fraud protection, and ‘financial passports.’ It has 18 million users in its home base country of Turkey, and said that it would expand into emerging markets after raising its Series B financing. According to Tekmen, the company is also aiming at becoming a unicorn, with a valuation at or above $1bn, by the end of the year.
“As Colendi AI continues to expand, the company is targeting new markets. After its success in Istanbul, Colendi AI plans to open a Middle East and Africa regional office in early 2025. This move aligns with its goal of making AI-driven solutions accessible globally, particularly in emerging markets, by offering localized services,” the company said in a statement.
According to the startup, ColendiMind uses advanced language models and features localisation, with four languages -Turkish, Arabic, French, and English- in its first version.
