Blnk, a fintech startup that enables instant consumer credit in Egypt, has raised $23.7 million in equity and debt funding, and $8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country.
- 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, based in Egypt, is an AI-enabled digital consumer lending platform that platform empowers merchants with an onboarding and instant credit-underwriting technology to provide financing for their customers at the point of sale. Consumers can access Blnk’s services with just their national ID. In as little as 3 minutes, consumers are provided financing with payment tenors of up to 36 months.
- Launched in October 2021, Blnk claims it has disbursed more than $20 million in loans to date, and has helped Merchants boost their profitability via the transaction commission that it provides.
- The bank has said the newly secured funds will support further development of its AI-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers and will help it drive financial inclusion in the Middle East and North Africa through its innovative technology solutions.
- The combined pre-seed and seed funding rounds of $12.5 million was 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.