Egypt’s Blnk raises $32mn to drive financial inclusion

Blnk has raised USD 32mn comprising USD 23.7mn in debt and equity funding and USD 8.3mn as a securitised bond issuance. The Egyptian fintech will use the funds to finance its growing customer portfolio and continue with the development of its AI-powered lending infrastructure.

The startup combined its pre-seed and seed round as part of this investment round, raising USD 12.5mn led by Emirates International Investment Company (EIIC), headquartered in Abu Dhabi, and Sawari Ventures. Other investors were local and international angel investors. Debt funding of USD 11.2mn was secured from local banks, while the securitised bond issuance was underwritten by the National Bank of Egypt and Banque du Caire.

Joseph Iskander, Head of Investment at EIIC, said “we are convinced that the Egyptian market and its startup ecosystem present a compelling opportunity for regional and international investors and we are committed to identifying and investing in value accretive businesses.

About Blnk

The digital lending platform was launched in October last year to help merchants to underwrite and finance customer purchases at the point of sale. The startup has disbursed more than USD 20mn in loans to date.