One of the options, customer lending, is being explored through Blnk, a fintech company introduced last October. The virtual lending platform partners with Egyptian merchants, allowing them to subscribe customers at the point of sale and provide them with financing to acquire parts such as electronics, furniture and automotive through installments of 6 to 36 months.
Blnk said it raised $32 million, spread over other stages and types of financing: $12. 5 million in seed and seed capital (led through Abu Dhabi-based Emirates International Investment Company (EIIC), Sawari Ventures and other investors), $11. 2 million in debt financing and issuance of $8. 3 million securitized bonds. It plans to “accelerate monetary inclusion within underserved communities across the country” and its “AI-driven” lending infrastructure.
Customers using Blnk at the point of sale want a national ID to get started, after which they can get financing within 3 minutes, according to the company. “It’s a very fast service,” Amr Sultan, co-founder and CEO, said in an interview with TechCrunch. “And through point-of-sale provision, we help develop conversion rates and offer affordable products to heavily underserved populations. We have strong financial inclusion, i. e. how to ensure that other people do not have a credit history.
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Sultan, who does business with Tarek Elsheikh, said Blnk does this through its proprietary credit underwriting formula and threat scoring style that assesses the threat and ability of consumers to repay debt. a network of more than three hundred merchants (half of whom are active) to more than 60,000 consumers who pay an average of 2. 6% monthly interest.
Joseph Iskander, chief investment officer of leading investor EIIC, commented on the investment: “We believe that the Egyptian market and its startup ecosystem provide an excellent opportunity for regional and foreign investors, and we are committed to identifying and making an investment in companies with increasing prices. We are excited to marry Blnk to drive monetary inclusion and economic progress in Egypt, and look forward to working with the team to achieve their goals. Other fintechs providing loans and other monetary facilities in Egypt come with MNT-Halan, MoneyFellows, and Jazna.
Egyptian fintech MNT-Halan earns $120 million from Apis Partners, DisrupTech and others