Blnk Raises $32M in Funding

fintech

Blnk, a Giza, Egypt-based fintech startup that enables instant consumer credit, raised $32m in funding.

The combined pre-seed and seed funding rounds of $12.5m was led by Abu Dhabiā€™sĀ Emirates International Investment Company (EIIC)Ā and Egypt-based, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors. The $11.2m debt funding was secured from a number of leading local banks. The $8.3m securitised bond issuance was underwritten by National Bank of Egypt and Banque du Caire.

The company intends to use the funds for the further development of its Artificial Intelligence-powered infrastructure and the financing of its portfolio of customers.

Co-Founded in 2021 byĀ Amr SultanĀ andĀ Tarek Elsheikh, Blnk is an AI-enabledĀ digital consumer finance platform that is driving financial inclusion in the Middle East and North Africa through technology solutions. Starting in Egypt, Blnk empowers merchants with an onboarding and instant credit-underwriting technology to provide financing for their customers at the point of sale.

FinSMEs

10/11/2022