Egyptian fintech Blnk has raised $37.1 million in equity and debt financing, as digital lenders race to serve millions of consumers still locked out of Egypt’s formal credit system.
The raise includes a $12.5 million Series A equity round led by Algebra Ventures. SANAD Fund for MSME, Endeavor Catalyst and Emirates International Investment Company also participated.
Blnk also secured $24.6 million in local-currency debt facilities from banks and non-bank lenders, including the National Bank of Egypt, Suez Canal Bank, Bank Al Baraka Egypt, Corplease, Globalcorp and BM Lease.
The company said the money will be used to expand its lending products, improve its technology, explore geographic expansion and launch a credit card programme that allows customers to spend approved credit outside its merchant network.
Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk offers instant consumer loans at checkout through more than 3,000 merchants across Egypt.
