Blockchain micro-credit firm Colendi have launched their new debit card for spending and repayments attached to their blockchain loans service. The Turkish firm is disrupting the finance and loan industry with its decentralized loan system, that credit scores people based on alternative data, such as social media and smartphone data. The debit card will be usable is any stores that accept Mastercard, and will enable users to improve their blockchain credit score with each transaction they make.
CEO and co-founder Bulent Tekmen, said:
This Colendi Card is a key component in helping to achieve financial inclusion, especially for the unbanked and underbanked around the globe. 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.
The Colendi card will be available on the website while the Colendi Alpha app stores ID information, holds users’ credit scores and provides a secure wallet for Colendi tokens – all in one. You can read more about Colendi Alpha here.
Colendi aims to provide accessible loan services to the underbanked and unbanked globally – over 40 per cent of the world’s population. Their “micro-credits” system is aimed at the smaller lending needs that many people have, without extortionate interest rates or detrimental credit score checks from traditional institutions. The aim, of course is to make funds accessible to a greater proportion of the world by being less punitive than traditional banking systems.