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Enterprise blockchain firm SETL acquired by fintech Colendi

Monday 27 June 2022 13:21 CET | News

Turkey-based embedded fintech startup Colendi has acquired enterprise blockchain firm SETL, in which Citi was the largest outside shareholder.

Other backers included Credit Agricole and Deloitte. Terms of the deal were not announced. One of SETL’s high-profile projects involves the Regulated Liability Network (RLN) infrastructure, an enterprise blockchain network that will span central banks, commercial banks and other institutions. 

Distinguishing features of SETL’s blockchain protocol are its native support of tokens and its scalability to a million transactions per second. In 2021 it launched a blockchain interoperability solution PORTL, and in February 2022, Digital Asset, the developer of the DAML smart contract language, partnered with SETL to co-develop the RLN protocol. 

Meanwhile, Colendi has its own digital wallet offering. To date, its primary solution has been a decentralized credit scoring engine used for buy-now-pay-later, for which it has partnered with several payment partners in Turkey, including PayCell. 

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Keywords: acquisition, blockchain, fintech, startup, digital wallet
Categories: Banking & Fintech
Companies: Citi, Colendi, SETL
Countries: Turkey
This article is part of category

Banking & Fintech

Citi

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Colendi

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SETL

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