Blnk, an Egyptian start-up offering consumer loans, has secured a US$32 million debt and equity funding round.
The company has recently received $23.7 million in equity and debt capital and $8.3 million in securitized bond issuance.
The pre-seed and seed investment rounds totaled US$12.5 million, and they were led by Egypt’s Sawari Ventures and Abu Dhabi’s Emirates International Investment Company (EIIC), with participation from a number of illustrious domestic and foreign angel investors.
A number of top local banks provided US$11.2 million in debt financing, while the National Bank of Egypt and Banque du Caire underwrote the US$8.3 million securitized bond issuance, making Blnk the newest company in Egypt to securitize its loan book.
Blnk is an AI-enabled digital consumer finance platform that enables merchants with onboarding and quick credit-underwriting technology to offer financing to their clients at the point of sale. It was founded in 2021 by Amr Sultan and Tarek Elsheikh.
“By providing inclusive and convenient consumer credit at the point of sale, we hope to make it simpler for more Egyptians to buy the goods and services they want. We are thrilled to have the support of such an outstanding group of investors at this early point of our journey. We think we can advance financial inclusion in Egypt and the larger Middle East and North Africa area with their help,” Sultan said.
With the additional capital, the business will be able to finance its quickly expanding customer base and further develop its AI-powered lending infrastructure.
Read more on Tech Gist Africa:
MoneyFellows, a fintech startup based in Egypt, has closed a $31 million Series B round of funding
KarmSolar, an Egyptian cleantech company, has raised $2.4M in funding
Kenzz, an Egyptian e-commerce startup, receives a $3.5 million seed funding round