Backed by Credit Agricole CIB and Deloitte, enterprise-grade blockchain settlements and payments provider SETL has been acquired by Turkish embedded fintech companies platform Colendi. Through the acquisition, Colendi positive factors SETL’s priceless IP and trade experience because it goals to determine a brand new public blockchain infrastructure that can be used to host native tokens and good contracts for Colendi’s present 10+ million customers. The monetary phrases and situations of the sale stay undisclosed.
Offering a lot of embedded fintech companies together with what the corporate refers to as ‘Just in time finance’ (BNPL, and on the spot cost choices), in addition to funding merchandise together with valuable metals, FX buying and selling, fractional shares and, you guessed it crypto belongings, Colendi claims to be the fastest-growing agency of its sort, not solely in Turkey however within the surrounding areas as nicely.
The firm has inked unique partnerships with a lot of top-tier consumer-facing entities together with Turkcell and Migros, and since closing a $38 million Series A funding spherical in September of final yr, at a valuation of $158 million, Colendi has solely additional scaled operations, constructing from energy to energy. With the SETL acquisition, the agency now shores up its prowess within the area of cryptocurrencies.
And what higher strategy to place your self as an trade chief apart from creating and deploying your individual set of instruments and procedures and making them available to the ten+ million customers you’ve amassed in a brief 2 years?
If the reasoning behind the acquisition of SETL wasn’t fairly clear already, I hope, pricey reader, it’s by now.
The mixed pressure of the SETL/Colendi enterprise is paving the way in which for a brand new public blockchain infrastructure that can be used to host native tokens and good contracts for the aforementioned customers by way of their Colendi pockets.
Forward-thinking, Colendi is already making inroads into extending its companies into the worlds of gaming, messaging, funding, and a lot of extra dApps at present below improvement inside the Colendi ecosystem, and the corporate states {that a} native community token providing is imminent.
As is to be anticipated, the brand new blockchain will help cross-chain connectivity in addition to natively supporting fashionable codecs for NFT’s and different tokens.
When it involves the privateness and safety of this new initiative, SETL’s chief engineer Anthony Culligan explains, “This initiative hyperlinks the work we do with enterprise blockchains to a sturdy and safe public blockchain atmosphere. Many of our shoppers are in search of a route from inner personal blockchains to a public shared atmosphere. This will present that path.”
On the deal, Colendi’s Chairman, Ian Hannam, and CEO, Bulent Tekmen collectively commented, “We are delighted to welcome SETL to the Colendi household and stay up for leveraging their formidable blockchain tech for the advantage of our customers. We see a future the place your monetary interactions are embedded in your expertise whether or not you might be gaming, procuring, investing, or saving.”
