Cairo – Mubasher: Egyptian fintech startup Blnk has raised a total of $32 million to accelerate the development of its artificial intelligence (AI)-powered lending infrastructure besides the financing of its customer portfolio.
The company secured $23.70 million in equity and debt funding in addition to $8.30 million in securitised bond issuance to fast-track financial inclusion within underserved communities in Egypt, according to a recent press release.
The first part of the funding comprised pre-seed and seed funding rounds worth $12.5 million, led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based Sawari Ventures, as well as other local and international angel investors. Meanwhile, the $11.2 million debt funding was secured from local banks.
The National Bank of Egypt (NBE) and Banque du Caire were the underwriters of Blnk’s $8.3 million securitised bond issuance. This step made it the youngest Egyptian startup to securitise its loan book.
Co-Founder and CEO of Blnk, Amr Sultan, said: “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.”
Blnk was launched in July 2021 and has developed a digital lending platform to empower merchants of all sizes to instantly underwrite and fund their customers' purchases at the point of sale.
Having merchant branches nationwide, Blnk has disbursed over $20 million in loans to date.
Head of Investment at EIIC, Joseph Iskander, noted: “we are convinced that the Egyptian market and its startup ecosystem present a compelling opportunity for regional and international investors and we are committed to identifying and investing in value accretive businesses.”
