Egyptian BNPL start-up Blnk lands $32m funding
By Gloria Methri
Blnk, 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”.
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