Blnk has raised $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 funds will support further development of Blnk’s Artificial Intelligence-powered lending infrastructure and the financing of the company’s fast-growing portfolio of customers.
The combined pre-seed and seed funding rounds of $12.5 million was 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 a number of leading local banks. The $8.3 million securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire, making Blnk the youngest Egyptian startup to securitize its loan book.
Speaking about the new funding, Amr Sultan, Co-founder and CEO of Blnk said, “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”.
