Egyptian fintech Blnk has raised $37.1 million, comprising $12.5 million in Series A equity funding and $24.6 million in local debt facilities, to expand its point-of-sale financing business and increase access to consumer credit across Egypt.
The equity round was led by Algebra Ventures, with participation from SANAD Fund for MSME, Endeavor Catalyst, and Emirates International Investment Company (EIIC). The debt financing was provided by a group of local banks and non-bank financial institutions, including the National Bank of Egypt, Suez Canal Bank, Bank Albaraka, Corplease, Globalcorp, and BM Lease.
Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk provides AI-powered consumer financing solutions through a network of more than 3,000 merchants.
The company plans to use the funding to expand its product offering, enhance its technology stack, explore regional expansion, and launch a credit card programme.
In 2022, Blnk raised $32 million in a mix of equity and debt funding.
