Colendi, a Zug, Switzerland-based microfinance-focused credit scoring solution for the unbanked and underbanked, raised $2.5m in initial funding.
Backers included Aslanoba Capital, Bogazici Ventures, and Next Ventures.
The company intends to use the funds for general business operations as well as the development of key products including the Colendi app.
Led by Bulent Tekmen, co-founder and CEO, Colendi is a blockchain-based, decentralized credit evaluation and microcredit protocol, compatible with traditional banking requirements and financing methods. The company’s credit scoring serves as a bridge between lenders and borrowers, enabling the unbanked and underbanked to participate in the banking system through microfinancing. The solution works in real time and on a global scale.
In addition to foundational support from infrastructure technology organizations ConsenSys and Token Foundry, the Colendi team added numerous strategic partners bringing expertise in fintech, blockchain and mobile technology and product development. They are:
– Nico Jose “Nix” Nolledo, chairman and former CEO of Xurpas Inc., one of the Philippines’ largest technology firms.
– Baris Ozistek, CEO of Netmarble EMEA, a top 10 global PC and Mobile game developer and publisher.
– Oguz Serdar, co-founder and CEO at Limk, a content distribution and discovery platform that helps websites grow traffic and engage audiences.
– Sinan Koç – Currently in a leadership role with Token Foundry and ConsenSys.
The partners join an existing roster of advisors, including:
– Vamshi Ambati, founder and CEO of Predera
– Deniz Devrim Cengiz, Group Director of Digital Banking at TEB
– Ram Chari, Global Head and President of FSS
– Ogeday Karahan, Executive Director – Business Development at EY
– Can Kisagun, co-founder Enigma
– Arda Kutsal, founder and CEO of Webrazzi
– Emre Tekisalp, Business Development at Coinbase