Blnk, a fintech startup that enables instant consumer credit in Egypt, raises $23.7 million in equity and debt funding, and $8.3 million in securitized bond issuance to accelerate financial inclusion within underserved communities across the country.
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, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors. The $11.2 million debt funding was secured from several leading local banks. The $8.3 million securitized bond issuance was underwritten by National Bank of Egypt and Banque du Caire, making Blnk the youngest Egyptian startup to securitize its loan book.
Launched in October 2021, 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. With only a National ID and in as little as 3 minutes, consumers can access financing to purchase a wide range of products or services, including electronics, furniture, and automotive services, paying over instalments ranging from 6 to 36 months. Leveraging its vast base of merchant branches across Egypt, Blnk has disbursed more than $20 million in loans to date. Merchants are also boosting their profitability via the transaction commission that Blnk provides.
However, limited consumer credit penetration – only 4 per cent of Egyptians have credit cards – means consumers and businesses across the country are unable to take full advantage of opportunities to trade and maximize the country’s full economic potential. By providing inclusive access to financing for consumers across the country, Blnk is supporting further growth and development in the Egyptian economy.