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

1 year ago

November 10, 2022

Nour Nasir

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.

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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.

News

Samsung Galaxy Ring Wearable Will Launch In Eight Sizes

A recent Korean report reveals the model numbers of the new health tracking device, as well as details of its key features.

Published

1 day ago

April 25, 2024

Nour Nasir

samsung galaxy ring wearable will launch in eight sizes

The global launch of the Samsung Galaxy Ring is hotly anticipated, with details about the next-gen wearable gradually emerging since the company’s teaser announcement back in January. Now, a report has also unveiled the model numbers for the device, suggesting it will be available in eight different sizes.

While Samsung has yet to divulge detailed specs and features of the Galaxy Ring, it’s likely to feature an array of health and sleep monitoring functionalities, while boasting a battery life of up to nine days on a single charge.

As per a Galaxy Club report, there are currently eight confirmed variants of the Galaxy Ring: SM-Q500, SM-Q501, SM-Q502, SM-Q505, SM-Q506, SM-Q507, SM-Q508, and SM-Q509.

However, the mystery shrouding two absent model numbers persists, leaving speculation as to whether they signify additional sizes or if Samsung plans to unveil a later ninth variant of the ring, as previously hinted. There’s conjecture that these models may correspond to US ring sizes 5 and above, commencing with the SMQ500, with subsequent numbers potentially indicating larger ring sizes, possibly reaching up to size 13, aligning with model number SM-Q509.

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Recent Korean reports have shed light on how Samsung’s Mobile eXperience division (MX) collaborated with the Home Appliance department to integrate Samsung Food with the Galaxy Ring: Tailored for daily activity tracking, the Galaxy Ring, when paired with Samsung Food and an intelligent Samsung refrigerator featuring AI vision, delivers personalized dietary guidance based on calorie intake and BMI.

Samsung is banking on the user-friendly interface and high durability of the ring to redefine the healthcare wearables landscape. Meanwhile, Apple is also making strides in the development of a smart ring, aimed at monitoring users’ health biometrics discreetly when worn on the finger. According to the Electronic Times report, Apple has been closely monitoring market interest in this more inconspicuous alternative to a traditional watch.