According to its chief executive, Blnk, a fintech platform that offers rapid consumer loans in Egypt, secured one of the largest investment rounds for a startup in the nation this year by receiving $32 million.
According to co-founder and CEO Amr Sultan, the firm, which was founded in October 2021, raised $23.7 million in equity and debt capital and $8.3 million in a securitized bond issue.
The money will also be used to finance Blnk’s rapidly expanding client base and to assist future development of its artificial intelligence-powered lending infrastructure in disadvantaged communities across the nation, he added.
Leading the $12.5 million pre-seed and seed investment rounds were Egypt’s Sawari Ventures and Abu Dhabi’s Emirates International Investment Company (EIIC), together with a number of well-known domestic and foreign angel investors.
Several prestigious local banks provided $11.2 million in debt financing. The National Bank of Egypt and Banque du Caire underwrote the $8.3 million securitized bond offering.
Blnk has created a digital lending platform that gives businesses of all sizes the ability to instantly approve and finance the purchases of their customers at the point of sale. It also gives consumers access to financing for a variety of goods and services, such as electronics, furniture, and automotive services, with payments spread out over terms of six to 36 months.
According to the business, it has already disbursed loans totaling more than $20 million.
