- In its pre-seed and seed rounds, the digital lending firm Blnk from Egypt received $32 million.
- Emirates Worldwide Investment Company (EIIC), located in Dubai, and Sawari Ventures, based in Egypt, spearheaded the fundraising effort. Several regional and international angel investors also participated.
- Blnk has completed loans totaling more than $20 million for 60,000 customers, enabling people to get finance for electronics, household appliances, and even healthcare in as little as three minutes with only a National ID.
Amr Sultan and Tarek Elsheikh started the Egyptian fintech business Blnk in 2021. As of now, the company has earned $32 million in the pre-seed and seed stages. With $23.7 million in loan and equity investment and an additional $8 million in a securitized bond issue, the $32 million was distributed across debt, equity, and bonds.
The solution offered by Blnk is a digital lending platform that offers Egyptians point-of-sale loans with payback terms ranging from six to 36 months. If they have a National ID, consumers may apply for loans via Blnk in as little as three minutes. The firm claims to have provided loans totaling more than $20 million to more than 60,000 consumers since its founding.
Emirates International Investment Company (EIIC) and Sawari Ventures spearheaded the investment in Blnk, which also included local and foreign angel investors.
Emirates International Investment Company’s head of investments, Joseph Iskander, claims that the company’s decision to invest in Blnk was motivated by its confidence in the Egyptian startup scene.
“We are dedicated to finding and investing in value-accretive firms because we are confident that the Egyptian market and its startup ecosystem provide a compelling potential for regional and international investors. We are excited to collaborate with the team at Blnk to accomplish their objectives as we are glad to cooperate with them to promote financial inclusion and economic growth in Egypt.
Sultan, the company’s CEO, also expressed his happiness at having Sawari Ventures and EIIC as investors. “By providing comprehensive and accessible consumer credit at the point of sale, we want to make it simpler for more Egyptians to buy the goods and services they want. We are thrilled to have the support of such an outstanding group of investors at this early point of our journey. We are certain that, with their help, we can advance financial inclusion in Egypt and the larger Middle East and North Africa area.