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

2 years 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

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

2 days ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.