Egyptian consumer credit platform Blnk has raised US$23.7 million in equity and debt funding, and US$8.3 million in securitised bond issuance underwritten by National Bank of Egypt and Banque du Caire.
The US$12.5 million equity round was led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt’s Sawari Ventures, while the US$11.2 million debt funding was from local banks.
Launched in October 2021, Blnk’s digital lending platform enables 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 three minutes, consumers can access financing to purchase a wide range of products or services, paying over instalments ranging from six to 36 months.
The Giza-headquartered company says that it has disbursed more than US$20 million in loans to date.
“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,”
said Amr Sultan, Co-Founder and CEO of Blnk.
“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,”
said Joseph Iskander, Head of Investment at EIIC.
This article first appeared on Fintech News Africa.