The Egyptian finance firm, Blnk, formed in 2021 by Amr Sultan and Tarek Elsheikh, has revealed that it has earned $32 million in pre-seed and seed stages. The funding was led by Dubai-based Emirates International Investment Company (EIIC) and Egypt-based Sawari Ventures, with several local and international angel investors joining.
The $32 million was split between debt, equity, and bonds, with $23. 7 million coming from debt and equity financing and the remaining $8 million coming from the sale of securitized bonds.
A digital lending platform developed by Blnk offers Egyptians point-of-sale loans with payback terms ranging from six to 36 months.
If a customer has a National ID, they may get loans through Blnk in as little as three minutes.
The firm claims to have provided more than 60,000 consumers with loans totaling more than $20 million since its founding.