Egyptian digital lending startup, Blnk, has been recognized as an exceller in the Fintech/FIntech Enabler category at the recent Egypt Entrepreneur Awards (EEA) ceremony held at the Mohamed Ali Palace in Cairo, Egypt.
At #EEA_Third_Edition, Blnk founders won an award in the fintech enabler category. The team highlighted how their tech allows them to cater to customer needs at the point of sale through their in-store financing solution#Forbes #PeopleOfNow pic.twitter.com/zuey1ALOb8
— Forbes Middle East (@Forbes_MENA_) June 20, 2023
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.
In November 2022, the startup raised a total of $32 Million to expand its convenient point of sale loans. Specifically, Blnk said it would use the funds to develop its Artificial Intelligence-powered lending infrastructure and also issue loans to an expanding portfolio of consumers.
At the time, Blnk indicated it had 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.
Overall EEA recognized leaders and founders in 14 categories for their exceptional performance and tangible contributions to their respective industries over the past year.
EEA’s Founder and CEO, Amr Mansi, opened the third edition’s award ceremony, commenting on this year’s journey.
“This past year has been without a doubt challenging for businesses and entrepreneurs. Picking a winner for each category was a very difficult decision since every finalist was a top and credible player in their industry. Without a doubt, they all continue to show how, with true grit, resilience, and hard work, entrepreneurs will always positively affect Egypt.”
Below are the winners selected for each category:
- Fashion Business Award: Nile Eyewear
- Interior Design Award: Efreshli
- From Art to Business: SYNC School
- Next Gen Intrapreneur of the Year: B.TECH
- Digital Solutions & Customer Experience Award: Cartona
- Rising Entrepreneur of the Year: Octane
- Entrepreneur for Good Award: MEDEX
- Experiential Dining Business Award: The Sage Experience
- Sports & Wellbeing Award: Trifactory
- Real Estate Services Award: Nawy
- Fintech / Fintech Enabler Award: BInk
- Serial Entrepreneurship Award: Ayman Essawy
- Disruption of Traditional Industries: SOKNA
- Regional Woman Entrepreneur of the Year: NEOLLI
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