Egyptian fintech startup, Blnk recently raised $32 million covering both pre-seed and seed rounds in total.
Founded by Amr Sultan and Tarek Elsheikh in 2021 and unlike other fintech startups focusing on payment solutions, Blnk’s solution is a digital lending platform that provides point-of-sale (POS) loans to Egyptians with repayment periods between six and 36 months. With a National ID, users/customers can access loans through Blnk in no time. According to Blnk, over 60,000 customers since its creation have received loans worth more than $20 million.
Blnk’s CEO, Amr Sultan, appreciated the support of Emirates International Investment Company (EIIC) and Sawari Ventures for leading the investment:
“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, as well as the wider Middle East and North Africa region.”
The $32 million funding covers:
- Debt ($8m)
- Equity ($23.7m)
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By Elijah Christopher