Blnk, an Egyptian digital lending startup, has raised $23.7 million in equity and debt funding and $8.3 million in securitized bond issuance.
The startup will use the funds to develop its Artificial Intelligence-powered lending infrastructure and also issue loans to an expanding portfolio of consumers.
Launched in July 2021, Blnk has developed a digital lending platform that lets merchants of all sizes instantly underwrite and finance their customers’ purchases at the point of sale. Consumers use their National ID in a 3-minute process to access loans that they can use to buy products from merchants.
After being confirmed for a loan, consumers will make payments over installments ranging from 6 to 36 months. Blink says it has a wide network of partner merchants offering different products and services that include:
- Electronics
- Furniture
- Automotive Services
So far, Blnk says it has disbursed over $20 million in loans to consumers with merchants earning in transaction commissions from each loan.
According to CEO and Co-founder, Amr Sultan, Blk is set up to expand financial inclusion conveniently at the point of sale. Currently, just 4% of Egyptians have credit cards locking many businesses and consumers from financial opportunities in a rapidly expanding economic environment.
“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.” – Blnk
Joseph Iskander, Head of Investment at Abu Dhabi’s Emirates International Investment Company (EIIC), said the Egyptian market and its startup ecosystem presents a compelling opportunity for regional and international investors.
According to Blnk, the equity financing includes both pre-seed and seed rounds led by EIIC and Sawari Ventures, a venture capital firm based in Egypt. The rounds included more international and local investors too.
Debt funding worth $11.2 million was secured from a number of leading local banks.
“The $8.3 million securitized 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
____________________________________________
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
____________________________________________
____________________________________________
