NOVEMBER 11, 2022
3 min Read
Investors update: November 11 2022
Blnk raises $32m funding to enable lending in Egypt
- Egypt-based fintech Blnk, has raised $23.7 million in equity and debt funding, and $8.3 million in securitized bond issuance from several local and international investors.
- Founded in 2021 by Amr Sultan and Tarek Elsheikh, Blnk has developed a digital lending platform that allows merchants of all sizes to instantly underwrite and finance their customers’ purchases at the point of sale.
- The funds will support Blnk’s development of AI-powered lending infrastructure and the financing of the company’s portfolio of customers.
Egypt is expected to become the second-largest Arab and African economy by the end of 2022, per IMF estimates. However, limited consumer credit penetration – only 4% of Egyptians have credit cards – means consumers and businesses across the country are unable to take full advantage of opportunities to trade and maximize the country’s full economic potential. By providing inclusive access to financing for consumers across the country, Blnk is supporting further growth and development in the Egyptian economy.
Dangote shareholders gain $660m as NGX extends gains
- Positive sentiment witnessed on shares of some blue-chip firms quoted on the Nigerian Exchange has resulted in shareholders of Dangote Cement Plc gaining about N293 billion ($660 million) at the end of Thursday’s trading session.
- The cement stock rose by 7.77% to close the day at N238.50 per share from N221.30 the previous day while its market cap rose to N4.064 trillion.
- Meanwhile, the local Bourse closed on a bullish note amidst positive market sentiment, as the bulls dominated proceedings for the second consecutive day.
Dangote Cement has been one of the best-performing stocks in Nigeria this month, helping the market rebound after closing out October negative. On Thursday, the NGX All-share Index (ASI) appreciated by 1.07% to close at 43,942.82 index points as against the 43,477.48 index point the previous day. In the same vein, the overall market capitalization grew by N253 billion or 1.07% to close at N23.934 trillion as against N23.681 trillion the previous day. But market breadth closed negative with 16 losers against 15 gainers.
Egyptian B2B marketplace SPEED acquired by UAE-based firm
- Egyptian B2B marketplace SPEED has been acquired by UAE-based logistics services provider X-ERA as part of the latter’s international expansion strategy, with the value of the acquisition remaining undisclosed.
- SPEED connects FMCG suppliers with small to medium-sized merchants and retailers, and has signed up over 35,000 merchants. It is targeting a total of 100,000 by mid-2023, and also plans to introduce B2C services on its platform.
- X-ERA now plans to revamp the platform with its partners to make it more user-friendly, as well as add more features and benefits to FMCG merchants and retailers.
Source: Disrupt Africa
Going by the number of mergers and acquisitions involving African startups announced so far this year, all signs point to a significant surge in the total number of exits and buyouts the region’s ecosystem will record by the end of 2022. This trend is spread across the continent, with a number of acquisition deals reported outside leading tech hubs such as South Africa, Kenya, and Nigeria. The recent surge in consolidation activity in different parts of the continent is an indication of a maturing ecosystem.