Egyptian Fintech, Blnk, Raises $32 Million To Provide Loans In Egypt

Blnk is providing consumers with access to credit at the point of sale. The startup has raised a total of $32 million in a combined pre-seed and seed funding round, which comprises $23.7 million in equity and debt funding as well as $8.3 million in securitized bond issuance.
The $12.5 equity round was led by Abu Dhabi’s Emirates International Investment Company and Egypt-based venture capital firm, Sawari Ventures, with participation from several prominent local and international angel investors.
The debt funding of $11.2 million was secured from several leading local banks and the $8.3 million securitized bond issuance was underwritten by the National Bank of Egypt and Banque du Caire.