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Your email address will not be published.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

Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

Published

on

initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

Continue Reading

#Trending