Blnk, an Egyptian consumer credit startup, has raised US$32 million in debt and equity funding led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt-based VC firm Sawari Ventures, with participation from several prominent local and international angel investors. 

The money will be used to build out its AI-powered lending infrastructure and pay for its rapidly growing customer base.

The startup was co-founded in 2021 by Amr Sultan and Tarek Elsheikh. Blnk is an AI-enabled digital consumer finance platform that empowers merchants with onboarding and instant credit-underwriting technology to provide financing for their customers at the point of sale.

Consumers can access the startup's services at their favourite shops within Blnk’s merchant network, with just their national ID. In as little as three minutes, consumers can access financing with payment terms of up to 36 months.

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According to Blnk, the startup has disbursed more than $20 million in loans to date.

The funding announcement comes in $23.7 million in equity and debt and $8.3 million in securitised bond issuance.

“Our mission is to make it easier for more Egyptians to purchase the products and services they desire by offering inclusive and convenient consumer credit at the point of sale. We are delighted to have the backing of a great cohort of investors at an early stage in our journey. With their support, we believe we can drive financial inclusion in Egypt, as well as the wider Middle East and North Africa region,” Sultan said.