Embedded finance platform Colendi buys blockchain firm SETL

Embedded finance platform Colendi has acquired blockchain company SETL as it prepares to extend its services into investment, messaging and gaming.

Turkish embedded finance platform Colendi has acquired blockchain settlements and payments provider SETL for an undisclosed sum.

The newly amalgamated enterprise is working on the development of a public blockchain infrastructure that can store native tokens and smart contracts for Colendi’s existing customer base, which already exceeds 10 million users. It will be integrated into the core Colendi wallet and made available as the company extends its services into investment, messaging, gaming and other areas currently under development.

London-based SETL is a leading enterprise blockchain company that has previously worked with central banks and top financial institutions.

A future where financial interactions are embedded everywhere

SETL Chief Engineer Anthony Culligan says: "This initiative links the work we do with enterprise blockchains to a robust and secure public blockchain environment. Many of our RegFi clients are looking for a route from internal private blockchains to a public shared environment. This will provide that path.”

SETL Chairman Sir David Walker adds: "Colendi is exactly the right partner for us. Their phenomenal growth shows that they understand and embrace the changes that are sweeping financial services. We bring the right technology at the right time to create a global decentralised network which can execute our joint vision”.

And Colendi CEO Bulent Tekmen adds: "We are delighted to welcome SETL to the Colendi family and look forward to leveraging their formidable blockchain tech for the benefit of our users. We see a future where your financial interactions are embedded in your experience whether you are gaming, shopping, investing or saving.”

A boost for Colendi following its Series A round last year

The acquisition is yet another boost for Colendi, which has gone from strength to strength since closing a US$38mn Series A funding round last September. The new product proposition that it will be able to offer as a result of the SETL deal “will position the company as a major player in the corporate blockchain solutions market,” the firm said.

Share

Featured Articles

Has the ‘gamification’ of investing apps gone too far?

In order to attract new customers into the fold, investing apps are trying to make their platforms engaging – but has this led to a problematic culture?

Top 10 Digital Reports & Consultancies for the fintech space

In the fintech industry, knowledge is power. We’ve rounded up the top 10 financial reports and consultancies for fintech leaders to follow

Analysis: China's civil unrest & the long-term economic view

As Shanghai’s stock market tumbles, we explore the impact, reasons, and long-term consequences of China’s civil unrest

SIX fintech sectors transforming the financial industry

Financial Services (FinServ)

Luvleen Sidhu on founding and leading BM Technologies

Banking

Top 10 Digital Banks of 2022

Banking