- Blnk, an Egyptian digital lending startup, has raised $32 million in its pre-seed and seed rounds.
- The funding was led by Dubai-based Emirates International Investment Company (EIIC) and Egypt-based Sawari Ventures, with several local and international angel investors joining.
- With just a National ID, consumers can get financing for electronics, home appliances, and even healthcare in as little as three minutes, and Blnk has processed loans worth more than $20 million for 60,000 users.
Blnk, an Egyptian fintech startup founded by Amr Sultan and Tarek Elsheikh in 2021, has announced it has raised $32 million across its pre-seed and seed rounds. The $32 million was spread across debt, equity, and bonds, with $23.7 million in equity and debt funding and a further $8 million in securitised bond issuance.
Blnk's solution is a digital lending platform that provides point-of-sale loans to Egyptians with repayment periods between six and 36 months. Consumers can access loans through Blnk in as little as three minutes, provided they have a National ID. Since its launch, the startup claims to have issued loans worth more than $20 million to more than 60,000 customers.
The investment into Blnk was led by Emirates International Investment Company (EIIC) and Sawari Ventures, with participation from local and international angel investors.
According to Joseph Iskander, head of investment at Emirates International Investment Company, investing in Blnk stemmed from the firm’s belief in the Egyptian startup ecosystem.
“We are convinced that the Egyptian market and its startup ecosystem present a compelling opportunity for regional and international investors, and we are committed to identifying and investing in value-accretive businesses. 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.”
Sultan, the firm’s CEO, also expressed delight at having EIIC and Sawari Ventures as investors. “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.”