Connect with us

News

Egyptian Digital Lending Platform Blnk Raises $32 Million

Blnk, an Egyptian fintech startup that enables access to instant consumer credit, has raised millions in equity and debt funding.

Published

on

egyptian digital lending platform blnk raises $32 million
Blnk

Launched in October 2021 by Amr Sultan and Tarek Elsheikh, Blnk is an Egypt-based digital lending platform that “empowers merchants of all sizes to instantly underwrite and finance their customer’s purchases at the point of sale”. In a recent round of funding, the company managed to raise $23.7 million in equity and a further $8.3 million in securitized bond issuance. The funding will help support the ongoing development of the company’s AI-powered lending platform and aid with future expansion efforts.

For those unfamiliar with Blnk, the company offers credit for a wide range of products and services, with only a national ID required for application and decisions made in as little as 3 minutes. So far, Blnk has handed out over $20 million in loans, with installments ranging from 6 to 36 months.

“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 early 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,” says Amr Sultan, Co-founder, and CEO of Blnk.

Also Read: Pyypl Growth To Accelerate After $20 Million Investment

According to the International Monetary Fund (IMF), Egypt is soon expected to become the second-largest economy in the MENA region by the end of this year. However, with only 4% of Egyptians having credit cards, consumers and businesses are unable to take full advantage of economic opportunities, with many finding it difficult to realize their full potential.

By providing inclusive access to financing for consumers across Egypt, Blnk is helping to drive growth and development in the Egyptian economy that would otherwise be difficult.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Lebanese Newspaper Builds AI President To Beat Political Crisis

The move by media outlet AnNahar comes after 13 failed attempts by the Lebanese parliament to elect a new leader.

Published

on

lebanese newspaper builds ai president to beat political crisis
OurPresident.ai

In a world first, Lebanon’s AnNahar Newspaper has built an artificial intelligence model designed to carry out presidential duties for the politically troubled country. Lebanon has been without a sitting president for two years after thirteen failed attempts by the nation’s parliament to elect a suitable candidate.

The new AI President’s deep learning algorithm was fed over 90 years of impartial journalism from AnNahar’s archive stretching back to the 1930s. The AI leader analyzes not only historical data but also current events and is able to formulate solutions for all manner of political, legal, and governmental questions. By tapping into such a vast knowledge base, Lebanon’s AI President will have a deep understanding of the country’s past, as well as an unbiased take on the challenges the nation faces going forward.

lebanon our president ai platform annahar

The new AI President was unveiled in a recent live broadcast. Nayla Tueni, editor-in-chief of AnNahar Newspaper conducted an interview with the digital leader, asking relevant questions about the current state of Lebanon, and how to fix the country’s difficult political situation. AnNahar has also converted its print newspaper to focus entirely on the new president’s guidance on issues spanning everything from the economy to sustainability and the environment.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

After the interview, Nayla Tueni commented: “As Lebanese people, and especially at AnNahar, we refuse to sit back and allow things to go on as they have. To not have a president for this long is unacceptable and has impacted the country negatively. If the parliament will not do its job to elect a president, then the people will bring to Lebanon a president”.

The AI President will soon be accessible to everyone at OurPresident.ai, Users will be able to ask questions in a similar manner to the likes of ChatGPT and Google Gemini. It is also understood that government officials will also use the tool to help devise new directives.

Continue Reading

#Trending