Uncategorized

Blnk, an Egyptian fintech, raises $32 million to give loans in Egypt.

Blnk, an Egyptian fintech, raises $32 million to give loans in Egypt.

Blnk, an Egyptian fintech, raises $32 million to give loans in Egypt.

According to the company’s CEO, Blnk, a fintech platform that facilitates fast consumer lending in Egypt, has concluded one of the country’s largest investment rounds for a startup this year, raising $32 million.
Amr Sultan, the company’s co-founder, and CEO told Reuters that since its inception in October 2021, the firm has raised $23.7 million in equity and debt capital and $8.3 million in securitized bond issues.
He went on to say that the money will be put toward expanding access to credit in underserved areas of the country, building out Blnk’s AI-powered lending infrastructure, and financing the company’s rapidly expanding user base.
Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt’s Sawari Ventures led the $12.5 million pre-seed and seed investment rounds, which also included participation from numerous notable local and international angel investors.
A consortium of major domestic financial institutions provided $11.2 million in loan financing. The National Bank of Egypt and Banque du Caire guaranteed the $8.3 million securitized bond offering.
The Blnk digital lending platform allows retailers of any size to instantly underwrite and finance their customers’ purchases at the point of sale, while also providing consumers with access to financing for a wide variety of products and services, such as electronics, furniture, and automotive services, with payment terms ranging from six to thirty-six months.

About author

I'm an unrepentant bread-and-beans socialist.
Related posts
Uncategorized

Ejara raises $8 million in a Series A investment.

Uncategorized

Theater releases will receive $1 billion annually from Amazon.

Uncategorized

Djamo raises $14 million in equity funding.

Uncategorized

Sequoia India invests $4.6 million in RedBrick AI

Sign up for our Newsletter and
stay informed

Leave a Reply

Your email address will not be published.

Close Bitnami banner
Bitnami