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Sunday, 13 November 2022

Blnk lines up USD 32 mn in funding, including debt, equity and proceeds from securitized bond

Fintech startup Blnk has lined up USD 32 mn in funding, the company said in a statement Thursday. The money includes USD 23.7 mn in equity and debt capital, as well as the USD 8.3 mn (EGP 202 mn) securitized bond issuance that closed last week.

Among the company’s new investors: Abu Dhabi’s Emirates International Investment Company (EIIC), Sawari Ventures, as well as angel investors, invested USD 12.5 mn in a combined pre-seed and seed funding round, the company said.

And the creditors? Blnk said a number of “leading local banks” lent it USD 11.2 mn, but didn’t didn’t disclose their identities. Banque du Caire and the National Bank of Egypt underwrote the securitized bond issuance.

Where the money’s going: The funding will be used to expand its lending portfolio and further develop its AI-powered lending platform, according to the statement.

About Blnk: It’s a digital AI-powered lending platform that allows merchants to approve and finance customers’ purchases at the point of sale. It focuses primarily on “the unbanked and financially-underserved.” The company says it has has made USD 20 mn in loans since its launch in fall 2021 — its CEO and co-founder is Amr Sultan, the former Beltone head of investment banking who went on to co-found Akanar, the advisory shop that Arqaam later acquired.

The story is getting international coverage: Reuters | Techcrunch.

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