Blnk, a FinTech startup that enables instant consumer credit in Egypt, raises $32 million in a funding round. The $32 million Blnk raised is split accordingly: $12.5 in a million pre-seed and seed equity rounds led by Abu Dhabi’s Emirates International Investment Company (EIIC), Sawari Ventures, and other investors, $11.2 million debt financing, and $8.3 million securitized bond issuance.
The startup will use the funds to develop its AI-powered lending infrastructure and finance the company’s portfolio of customers.
“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 and the wider Middle East and North Africa region,” Amr Sultan, Co-founder and CEO of Blnk said.
The startup launched in October 2021, Blnk has developed a digital lending platform that empowers merchants of all sizes to instantly underwrite and finance their customers’ purchases at the point of sale. With only a National ID and in as little as 3 minutes, consumers can access financing to purchase a wide range of products or services, including electronics, furniture, and automotive services, paying over installments ranging from 6 to 36 months.
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