Consumer credit startup Blnk has raised $32m in funding to drive financial inclusion among underserved communities across Egypt.
The funding comprises $12.5m in pre-seed and seed equity funding, which was led by Emirates International Investment Company (EIIC) and Sawari Ventures, an Egyptian venture capital firm, with participation from multiple local and international angel investors.
Local lenders contributed to Blnk’s $11.2m debt funding and the remaining $8.3m was raised via securitised bond issuance, which was underwritten by the National Bank of Egypt and Banque du Caire.
Blnk will use the proceeds to accelerate the development of its artificial intelligence-powered lending infrastructure and provide credit to customers.
EIIC head of investment Joseph Iskander said: “We are pleased to partner with Blnk to drive financial inclusion and economic development in Egypt and we look forward to working with the team to achieve their goals”.
Sawari Ventures managing partner Hany Al Sonbaty said: “We are thrilled to have Blnk in our portfolio and backing them to deliver innovative solutions to tackle the urgent challenge of financial inclusion in Egypt.”
Founded in July 2021, Blnk has developed a digital lending platform, which is claimed to have disbursed more than $20m in loans to date.
Merchants can use Blnk’s platform to underwrite and finance customers’ purchases at the point of sale (POS).
Customers can access credit to buy a wide range of products and services and pay back the loan in instalments in up to 36 months.
Blnk co-founder and CEO Amr Sultan said: “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”