• About Us
  • Terms and Conditions
  • Login
  • Register
Motimagz Magazine
  • Personal Development
  • Motivation
  • Business
  • Entrepreneurship
    • Agri-Preneurship
  • Diaspora
  • Success Stories
    • #StudentShine
  • Interviews
  • How To
  • PDF Magazine
  • Opportunities
  • Personal Development
  • Motivation
  • Business
  • Entrepreneurship
    • Agri-Preneurship
  • Diaspora
  • Success Stories
    • #StudentShine
  • Interviews
  • How To
  • PDF Magazine
  • Opportunities
Motimagz Magazine
No Result
View All Result
Home Business

Egyptian Startup Blnk Raises USD$32M In Funding

Motimagz by Motimagz
November 14, 2022
in Business, Diaspora, Startups
0
blnk
5
SHARES
62
VIEWS
Share on FacebookShare on Twitter

Blnk, an Egyptian startup in consumer credit, has raised US$32 million in debt and equity capital to expand its AI-powered lending infrastructure and fund its quickly expanding user base. Blnk is an AI-enabled digital consumer finance platform that enables merchants with an onboarding and quick credit-underwriting technology to offer financing to their clients at the point of sale. It was formed in 2021 by Amr Sultan and Tarek Elsheikh.

Blnk claimed to have raised $32 million, which was split among various funding rounds and stages: $11.2 million in debt financing, $11.2 million in pre-seed and seed equity rounds, and $8.3 million in securitized bond issuance. These rounds were led by Abu Dhabi’s Emirates International Investment Company [EIIC], Sawari Ventures, and other investors. It intends to promote its “AI-powered” lending infrastructure and “accelerate financial inclusion among underrepresented communities across the country.”

You might also likeour posts

10 Profitable Business Ideas to Try In 2023

How I Started & Advice On Investing On The ZSE

Meet Takwana Tyaranini – Founder and CEO of Senditoo

5 Reasons Why You Should Be Blogging For Your Business?

Load More

Blnk accomplishes this, according to Sultan, who co-founded the business with Tarek Elsheikh, by evaluating the riskiness and debt-service capacity of its customers through its in-house risk-scoring model and credit underwriting system. Through a network of more than 300 merchants, half of which are active, Blnk claims to have already given more than $20 million in loans to over 60,000 consumers who are paying an average interest rate of 2.6% per month.

Blnk has to date disbursed more than $20 million to date in loans and consumers can easily access Blnk’s services at any of Blnk’s merchant network in many of the Egyptian shops , with just their national ID. In just 3 minutes their would have gotten their loans and can get a repayment of up to 36 months.

A number of top local banks provided the US$11.2 million in debt financing, while National Bank of Egypt and Banque du Caire underwrote the US$8.3 million securitized bond issuance, making Blnk the newest company in Egypt to securitize its loan book.

“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,” Sultan said.

Speaking about the investment, Joseph Iskander, the head of investment at the lead investor EIIC, said: “We are committed to identifying and investing in value accretive businesses. We are convinced that the Egyptian market and its startup ecosystem present a compelling opportunity 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.

Tags: CrowdfundingfundingInvestment
Share2Tweet1Send
Previous Post

Rebecca Manford: An Exceptional Beacon Of Success

Next Post

Tamy Moyo Sheds Light on Her Career & Life in Interview with Charles Myambo

Motimagz

Motimagz

Motimagz is a wealth hub of business and personal development information, resources, real & practical advice, stories, and the beautiful face of Africa. We inspire and motivate Africans by sharing different success stories, knowledge, tips, interviews, and features across personal and business development.

RelatedPosts

Profitable business
Business

10 Profitable Business Ideas to Try In 2023

January 23, 2023
56
H1 ZSE Motimagz Magazine
Business

How I Started & Advice On Investing On The ZSE

November 1, 2022
87
takwana tyaranini
Diaspora

Meet Takwana Tyaranini – Founder and CEO of Senditoo

October 27, 2022
232
Blogging for business
Business

5 Reasons Why You Should Be Blogging For Your Business?

October 24, 2022
23
Next Post
tamy moyo

Tamy Moyo Sheds Light on Her Career & Life in Interview with Charles Myambo

digital marketing trends

How Your Startup Can Take Advantage Of Digital Marketing Trends

Financial Wellness

Decision Making For Financial Wellness

Search

No Result
View All Result

Follow Us

  • LinkedIn
  • Twitter
  • Instagram
  • Facebook

Browse by Category

  • #StudentShine
  • Agri-Preneurship
  • Business
  • Community Projects
  • Creativity
  • Diaspora
  • Digital Marketing
  • Entertainment
  • Entrepreneurship
  • Fashion
  • Health
  • How To
  • Interviews
  • Lifestyle
  • Motivation
  • Opportunities
  • PDF Magazines
  • Personal Development
  • Relationships
  • Short Stories
  • Startups
  • Success Stories
  • Uncategorized
  • Women Talk

Motimagz Magazine

How To Set Goals You Can Easily Achieve In 2023

How To Choose the Right Career Path

10 Profitable Business Ideas to Try In 2023

From prison to redemption: Odhiambo’s uphill battle after being exonerated

Women’s University of Africa Student Set To Launch Afrocentric Feminist Novel

Important Links

  • About Us
  • Terms and Conditions
Facebook Twitter Instagram Youtube

Recent Posts: Motimagz Magazine

How To Set Goals You Can Easily Achieve In 2023

How To Choose the Right Career Path

10 Profitable Business Ideas to Try In 2023

Recent Posts

  • How To Set Goals You Can Easily Achieve In 2023
  • How To Choose the Right Career Path
  • 10 Profitable Business Ideas to Try In 2023
No Result
View All Result
  • Personal Development
  • Motivation
  • Business
  • Entrepreneurship
    • Agri-Preneurship
  • Diaspora
  • Success Stories
    • #StudentShine
  • Interviews
  • How To
  • PDF Magazine
  • Opportunities

Motimagz Magazine © 2022

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.