Egyptian Fintech Startup Blnk Raises $32 Million in Funding
In one of the country’s biggest funding rounds this year, Blnk received funding across different stages and funding types.
Blnk, an Egypt-based fintech startup, has raised $32 million in equity and debt financing, in one of the country’s biggest funding rounds this year.
The funding includes different stages and funding types: $12.5 million pre-seed and seed equity rounds led by Abu Dhabi’s Emirates International Investment Company (EIIC), Egypt-based venture capital firm Sawari Ventures, and other strategic angel investors.
Meanwhile, $11.2 million debt funding was secured from a number of leading local banks; and $8.3 million securitized bond issuance was underwritten by National Bank of Egypt and Banque du Caire.
Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk is a digital lending platform that provides instant credit to customers in Egypt, enabling them to finance their purchases at any point of sale, including electronics, furniture, and automotive services. Customers can pay in installments anywhere from six to 36 months.
“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,” Amr Sultan, Co-founder and CEO of Blnk, tells StartupScene. “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.”
Investments in Egypt’s fintech startups reached an all time high this year. According to the Fintech Investment Report, total investments amounted to $167 million in H1 2022, up from $159 million raised throughout all of last year. Some of Egypt's most funded fintech startups include Paymob, raising $50 million in Series B; Khazna, raising $38 million in Series A; and Lucky, raising $25 million also in Series A.