Egyptian consumer credit start-up Blnk lands $32m in funding
Egyptian fintech start-up Blnk has raised $23.7 million in equity and debt funding and $8.3 million in securitised bond issuance as it looks to expand access to credit for the financially underserved.
Blnk lands $32m in funding
The combined pre-seed and seed funding, worth $12.5 million, was led by Emirates International Investment Company and Sawari Ventures, with participation from several local and international angel investors.
The $11.2 million debt funding was raised from a number of local banks and the $8.3 million securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire.
Blnk CEO and co-founder Amr Sultan says the investment will help the firm to drive financial inclusion through its offer of “inclusive and convenient credit” in Egypt and the wider Middle East and North Africa region.
Founded in July 2021, Blnk’s digital lending platform enables merchants to underwrite and finance customers’ purchases at the point of sale (POS), with installment plans ranging from six to 36 months.
Across its base of merchants, Blnk has already disbursed more than $20 million worth of loans to date.
In a country with limited consumer credit penetration, Blnk says it is providing access to financing and boosting the wider Egyptian economy, which is set to be the second largest Arab and African economy by the end of 2022, according to the International Monetary Fund.
