Blnk, an Egypt-based consumer credit startup, has raised a $32 million debt and equity funding round to further build out its AI-powered lending infrastructure and finance its fast-growing portfolio of customers.
The startup has just raised $23.7 million in equity and debt funding-The combined pre-seed and seed funding rounds of $12.5 million were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based VC firm Sawari Ventures, with participation from several prominent local and international angel investors.
The $11.2 million in debt funding was secured from several leading local banks, while the $8.3 million securitized bond issuance was underwritten by the National Bank of Egypt and Banque du Caire, making Blnk the youngest Egyptian startup to securitize its loan book.
“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,” said co-founder and CEO Amr Sultan.
Company: Blnk Consumer Finance S.A.E
Round: Debt and Equity
Funding Month: November 2022
Lead Investors: Abu Dhabi’s Emirates International Investment Company (EIIC) and Sawari Ventures
Additional Investors: National Bank of Egypt and Banque du Caire
Company Website: https://www.blnk.ai/
Software Category: AI-enabled Digital Consumer Finance Platform
About the Company: Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk is an AI-enabled digital consumer finance platform that empowers merchants with onboarding and instant credit-underwriting technology to provide financing for their customers at the point of sale. 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 and enables consumers to access financing to purchase a range of products and services, including electronics, furniture, and automotive services, paying over installments ranging from six to 36 months. Consumers can access Blnk’s services at their favorite shops within Blnk’s merchant network, with just their national ID. Blnk has disbursed more than $20 million in loans to date.