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African Startup Funding Tracker

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Egyptian Fintech Blnk Raises USD 32 Mn Funding
Egyptian Fintech Blnk Raises USD 32 Mn Funding

Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised USD 23.7 Mn in equity and debt funding, and USD 8.3 Mn in securitized bond issuance to accelerate financial inclusion within underserved communities across the country. The funds will support the further development of Blnk’s Artificial Intelligence-powered lending infrastructure and finance the company’s fast-growing portfolio of customers.

The combined pre-seed and seed funding rounds of USD 12.5 Mn were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors. The USD 11.2 Mn debt funding was secured from a number of leading local banks. The USD 8.3 Mn securitized bond issuance was underwritten by the 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 installments ranging from 6 to 36 months.