Istanbul based Re-Pie invests $12mn in Switzerland based Colendi

By Akin Nazli in Belgrade September 18, 2021

Switzerland-based Colendi has raised, via its UK-based parent Colendi Holdings Limited, a total of $30mn in a Series A funding round, valuing the company at $120mn, webrazzi has reported.

Istanbul-based Re-Pie Asset Management led the funding round with $12mn via its newly-launched Colendi Venture Capital Investment Fund, while some unnamed foreign investors provided the remaining sum.

Ian Hannam, an ex-JP Morgan director, has been appointed board chairman at Colendi.

Colendi is a comprehensive decentralised credit scoring protocol and microcredit platform with blockchain and machine learning technologies.

It has graded 2.4mn people across the last year. Colendi provides services to four payment platforms, namely Moneypay, Paycell, Oldubil and Paratech.

Colendi is based in Switzerland but was launched in 2016 by Turkish entrepreneurs, including Bulent Tekmen. Tekmen is also among the founders of Turkey-based payment platform Ininal, which was in 2016 acquired by local debit card network Multinet UP.

In 2018, Colendi raised $2.5mn from Turkish venture capital investors Aslanoba Capital, Bogazici Ventures and Tekmen’s Next Ventures.

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