Egyptian FinTech Blnk scores $32m in funding


Blnk, a FinTech startup that enables instant consumer credit, has raised $32m across equity and debt funding and securitised bond issuance.

The combined pre-seed and seed funding rounds of $12.5m was led by Abu Dhabi’s Emirates International Investment Company and Sawari Ventures. Also participating were several local and international investors.

The $11.2 million debt funding was secured from a number of leading local banks. The $8.3 million securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire, making Blnk the youngest Egyptian startup to securitize its loan book.

Blnk has developed a digital lending platform that empowers merchants of all sizes to instantly underwrite and finance their customers’ purchases at the point of sale. With only a National ID and in as little as 3 minutes, consumers can access financing to purchase a wide range of products or services, including electronics, furniture and automotive services, paying over instalments ranging from 6 to 36 months.

According to Blnk, the funds will support further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers.

Amr Sultan, co-founder and CEO of Blnk, said, “Our mission is to make it easier for more Egyptians to purchase the products and services they desire by offering inclusive and convenient consumer credit at the point of sale. We are delighted to have the backing of a great cohort of investors at an early stage in our journey. With their support, we believe we can drive financial inclusion in Egypt, as well as the wider Middle East and North Africa region”.

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