Embedded finance platform Colendi buys blockchain firm SETL

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.