Egypt’s Blnk Raises $37 Million to Expand Point of Sale Credit

Blnk, an Egyptian fintech company specialising in point-of-sale consumer finance, has raised a total of $37.1 million in equity and debt financing to expand its operations and broaden access to credit in Egypt.

The funding package includes a $12.5 million Series A equity round led by Algebra Ventures, with participation from SANAD Fund for MSME, Endeavor Catalyst and Emirates International Investment Company (EIIC). The company also secured $24.6 million in local debt facilities from Suez Canal Bank, Bank Albaraka, National Bank of Egypt, Corplease, Globalcorp and BM Lease.

Founded in 2021, Blnk uses an AI-enabled platform to onboard merchants and provide instant credit decisions to consumers at the point of sale.

Since raising its seed round in November 2022, the company says it has onboarded more than one million customers and built a loan portfolio exceeding EGP 1 billion, equivalent to around $19.25 million.

According to Blnk, the new funding will support its expansion in Egypt, with a focus on increasing access to financing for women and underbanked consumers through a wider range of products and flexible loan sizes.