Initial Coin Offering from an Egyptian Financial Technology Company To further its mission to provide the financially disadvantaged with greater access to credit, Blnk has successfully obtained $23.7 million through equity and debt capital and $8.3 million through the issue of securitized bonds.
Several local and international angel investors contributed to the total $12.5 million in pre-seed and seed fundraising lead by Emirates International Investment Company and Sawari Ventures.
Several Egyptian financial institutions contributed to the $11.2 million in debt financing, while National Bank of Egypt and Banque du Caire underwrote the $8.3 million in securitized bond offering.
Amr Sultan, CEO and co-founder of Blnk, said the funding would enable the company to expand its offering of “inclusive and convenient credit” in Egypt and the broader Middle East and North Africa region.
Blnk was founded in July 2021 as a digital lending platform that helps retailers underwrite and finance consumers’ purchases at the point of sale (POS) with payment terms ranging from six to thirty-six months.
Blnk has loaned out over $20 million to its network of retailers so far.
Blnk claims to be expanding access to funding in a country with low consumer credit penetration, thereby helping the Egyptian economy as a whole grow into what the International Monetary Fund predicts would be the second largest Arab and African economy by 2022.