Giza Block, a fintech startup that provides instant consumer credit in Egypt, has raised $23.7 million in equity and debt funding and $8.3 million in securitized bonds to accelerate financial inclusion. These funds will benefit Blnk’s AI-powered lending infrastructure and fast-growing customer base. Leading Egyptian venture capital company Sawari Ventures and the Emirates International Investment Company (EIIC) of Abu Dhabi jointly raised $12.5 million for pre-seed and seed financing, with a number of well-known local and international angel investors joining them. Several prestigious local banks provided $11.2 million in loan financing.
The National Bank of Egypt and Banque du Caire underwrote the $8.3 million securitized bond sale, making Blnk the newest Egyptian company to securitize its loan book.
Blnk’s digital lending platform, launched in October 2021, lets merchants of all sizes rapidly underwrite and finance their customers’ transactions. Consumers may get financing for electronics, furniture, and automobile services in 3 minutes with a National ID and pay over 6 to 36 months. Blnk has loaned over $20 million using its huge merchant branch network in Egypt. Blnk’s transaction commission boosts merchant profits.By 2022, the IMF expects Egypt to be the second-biggest Arab and African economy. Only 4% of Egyptians use credit cards, limiting consumers’ and companies’ ability to trade and maximize the country’s economic potential. Blnk helps the Egyptian economy flourish by offering inclusive lending for people everywhere.
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What are they saying?
Blnk Co-founder and CEO Amr Sultan said of the new funding, “Our goal is to make it easier for more Egyptians to obtain the things and services they desire by giving inclusive and accessible consumer credit at the point of sale.” Early investments are great. They can assist us in increasing financial inclusion in Egypt, the Middle East, and North Africa.
EIIC Head of Investment Joseph Iskander stated, “We are positive that the Egyptian market and its startup ecosystem have a compelling potential for regional and international investors, and we are devoted to identifying and investing in value-accretive firms.” Blnk will help Egypt’s financial inclusion and economic prosperity. Sawari Ventures Managing Partner Hany Al Sonbaty remarked, “We are thrilled to have Blnk in our portfolio and enable them to create innovative solutions to tackle Egypt’s severe financial inclusion demand.” The company can succeed with seasoned personnel and a scalable business model.
About Blnk
Blnk, a digital consumer finance platform powered by artificial intelligence (AI) and founded in 2021 by Amr Sultan and Tarek Elsheikh, is working to expand access to credit in the MENA region. Blnk is a company that, initially in Egypt, equips merchants with onboarding and immediate credit-underwriting technology so they can provide finance to consumers right at the point of sale with just their national ID; customers may use Blnk at any of their preferred merchants that participate in Blnk’s merchant network. Customers may be approved for finance in as little as 3 minutes, with terms as long as 36 months.
About Emirates International Investment Company Ltd. (EIIC)
National Holding, headquartered in Abu Dhabi, has strategic investments in various market-leading businesses throughout the United Arab Emirates, the Middle East, and North Africa (MENA). These investments are channelled through Emirates International Investment Company LLC. EIIC has been a major investor in the MENA area and beyond since the early 1990s. Among the many regional and international companies in which the company has made long-term strategic investments are Abu Dhabi Islamic Bank, the fourth-largest Islamic bank in the world by assets; ADIB-Egypt, formerly known as the National Bank for Development; Q Holding; and Abu Dhabi National Hotels, the owner of some of the most prestigious hotels in the United Arab Emirates. The EIIC invests in public and private equity and venture capital all around the world.
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Sawari Investments in Brief
Sawari Ventures is a pioneer and leader in Egypt’s new venture capital industry. It was founded in 2010 when the industry was just getting started. Sawari backs entrepreneurs in order to create industry leaders from their bold ideas. Sawari Ventures’ funds for Egypt and North Africa have given money to more than twenty companies. Some of these companies are well-known in the technology industry, like SWVL, Fatura, Moneyfellows, and Si-Ware. Sawari is also a major contributor to Flat6Labs, the leading seed and early-stage VC company in the MENA region.