Egyptian fintech Blnk raises $37.1 million to expand lending

Egyptian fintech Blnk has raised $37.1 million in equity and debt financing to expand lending for consumers with little or no access to formal credit.

The funding includes a $12.5 million Series A round led by Algebra Ventures. Other investors include SANAD Fund for MSME, Endeavor Catalyst, and existing backer Emirates International Investment Company.

In addition, Blnk secured $24.6 million in local-currency debt facilities from several banks and non-bank financial institutions. These include the National Bank of Egypt, Suez Canal Bank, and Bank Al Baraka Egypt.

The company said it will use the funding to expand its lending products, strengthen its technology platform, and explore growth opportunities beyond its current markets.

The raise comes as lenders compete to serve millions of Egyptians who remain outside the formal financial system. As of June 2025, about 16.7 million Egyptian adults lacked access to formal credit and other banking services.

Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk offers point-of-sale consumer loans through a network of more than 3,000 merchants across Egypt. Customers can finance purchases such as electronics, furniture, and automotive services, then repay over six to 36 months.

“Around 75% of our clients have never borrowed before in the formal market, and we are the first lenders,” said Amr Sultan, Blnk’s chief executive officer.

Unlike many buy-now-pay-later providers, Blnk focuses on consumers with little or no borrowing history. Competitors such as valU, Shahry, Souhoola, and Contact Credit mainly serve customers who already have access to formal credit products.

Sultan said the untapped market presents a major growth opportunity.

Egypt’s consumer finance sector reached EGP 61.3 billion ($1.2 billion) in 2024, according to the country’s Financial Regulatory Authority (FRA). That represented a 29.6% increase from the previous year.

At the same time, demand for credit continues to rise. In March 2025, consumer credit in Egypt grew 22.7% year-on-year to EGP 1.51 billion ($29 million).

To assess borrowers, Blnk uses machine learning models and alternative data. This allows the company to evaluate customers who often lack formal credit histories.

The startup said it has onboarded more than one million customers and built a loan portfolio worth more than EGP 1 billion ($21 million).

It also reported profitability in 2025 after growing revenue by 173% year-on-year.

Meanwhile, Blnk has relied heavily on local-currency borrowing to fund its loan book. According to Sultan, that strategy helped the company avoid the foreign exchange losses that affected many businesses during Egypt’s recent currency devaluations.

“We’ve never relied on dollar-based venture debt financing,” Sultan said. “We didn’t get hit by FX losses related to our balance sheet at all.”

With the new funding, Blnk plans to deepen its reach across Egypt’s consumer market. The company hopes its data-driven approach will help bring more first-time borrowers into the formal financial system.