Colendi, the microfinance and credit scoring protocol for the unbanked and underbanked, today announced the release of the Colendi Card, a debit loan card for spending and repayments.
With the Colendi Card, and leveraging the Colendi protocol, users can build their Colendi Score with each transaction. They can do so without the risks carried by typical credit cards, like overborrowing and high interest rates, and can easily transact with merchants in the rapidly-growing Colendi ecosystem, or anywhere a MasterCard®️ and Troy®️ is accepted.
"This Colendi Card is a key component in helping to achieve financial inclusion, especially for the unbanked and underbanked around the globe," said CEO and co-founder, Bulent Tekmen. "This card opens up new doors for people by removing traditional barriers and bringing them closer to regular interactions with the banking and financial system. Traditional financial institutions are often averse to issuing credit to people without an established track record, and with the Colendi Card, we're giving everyone the opportunity to establish and build their Colendi Score in a safe and secure environment backed by blockchain."
"As an active part of the Colendi ecosystem, we couldn't be more thrilled about the Colendi Card and the additional opportunities it provides for us," said Mehmet Ozcelik, co-founder of restaurant point of sale software leader SambaPOS. "This will benefit us as it will offers better reach to our merchants as well as growing our overall merchant base with the easy-to-use Colendi Card and app."
Colendi's mission is to bring simple financing solutions to people everywhere. It employs a transparent system built on blockchain and is accessible via smartphone. The Colendi dApp will ultimately be connected to the Colendi Card, allowing users to manage and pay via multiple wallets using fiat or cryptocurrencies. The Colendi Card will be available via the Colendi website over the short term.