back Back

Egyptian BNPL start-up Blnk lands $32m funding

By Gloria Methri

November 11, 2022

  • Banque du Caire
  • Blnk
  • BNPL
Share

BlnkBlnk, a BNPL start-up that enables instant consumer credit in Egypt, has raised $23.7 million in equity and debt funding, and $8.3 million in securitized bond issuance. The capital will boost Blnk’s lending capacity and financing of its customers.

The combined pre-seed and seed funding rounds of $12.5 million were led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based, leading venture capital firm Sawari Ventures, with participation from several prominent local and international angel investors.

Egyptian banks provided a further $11.2 million in debt funding, while the $8.3 million securitised bond was underwritten by National Bank of Egypt and Banque du Caire.

Speaking about the new funding, Amr Sultan, Co-founder, and CEO of Blnk said, “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”.

Launched in October 2021, Blnk has developed a digital BNPL platform that allows merchants to offer credit to their customers with approval in three minutes. Consumers can access credit to purchase a wide range of products or services, paying over installments ranging from six to 36 months.

Joseph Iskander, Head of Investment at EIIC, said “We are convinced that the Egyptian market and its start-up 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”.

Previous Article

November 11, 2022

Al-Futtaim Group and Tap Payments sign GCC payments deal

Read More
Next Article

November 11, 2022

FV Bank announces launch of Digital Asset Custody Service

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Banque du Caire

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Ebury and Nium team to offer cross-border payments in Brazil

Read More

February 23, 2024

FinTech Focus: Catch latest developments of the week

Read More

February 23, 2024

Vencora acquires CREALOGIX to expand its banking technology services

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023