Egyptian fintech company Khazna has completed its pre-Series B funding round of $16 million. With the new fund raised, it’s expected that this will bring a boost in efforts to seek the digital banking license in Egypt, while innovative financial services spread in Saudi Arabia.

Established in April 2019, Khazna aims to enhance the financial lives of more than 20 million underbanked Egyptians who lack adequate access to formal financial services. 

The company offers a suite of financial services on its mobile application, including general-purpose credit, buy now pay later options, and bill payment facilities. With technology, Khazna strives to provide users with convenient, effective, and secure financial solutions.

Khazna is co-founded by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy. The CEO, Omar Saleh, has vast experience in finance and corporate strategy. Ahmed Wagueeh, as the Chief Technology Officer, takes charge of the technological development of the platform. 

Fatimah El Shenawy, the Chief Strategy Officer, contributes her knowledge in strategic planning and business development. Together, the founding team combines over 50 years of global experience in finance, corporate strategy, and technology.

Funding detail

Since Khazna started, the startup has managed to attract massive local and international investors. In March 2022, the firm closed a series A round to raise $38 million in both equity and debt. This saw participation from heavyweights such as Quona Capital, Speedinvest, Khwarizmi Ventures, Algebra Ventures, Disruptech, AB Accelerator, Accion, CVentures, and Nclude.

The latest pre-Series B funding round was valued at $16 million and attracted both new and existing investors. Some of the notable names among them are SANAD Fund for MSME, anb Seed Fund (managed by anb Capital), Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest, and Disruptech Ventures. To date, this funding sums up to about $54 million.

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Strategic Goals

Now that Khazna has been capitalized, it is ready to go on and improve the state of financial inclusion in the region.The company has also announced its decision to apply for a digital banking license in Egypt. With this license, it will offer a wider range of financial services to its users. 

Khazna also plans to penetrate the Saudi market, anticipating its success story in Egypt could be replicated among the under-banked population within Saudi Arabia in order to have a more extensive presence of easy access financial options. 

Khazna’s efforts are particularly important in a region where a large portion of the population remains unbanked or underbanked. Khazna addresses the financial needs of people who have limited access to traditional banking services by offering services such as general-purpose credit, BNPL, and bill payments through a user-friendly mobile application. 

This not only empowers users financially but also contributes to the broader economic development of the region.

Future Outlook

As Khazna continues to grow, it focuses on the use of technology to provide innovative financial solutions for the underbanked. The expansion into Saudi Arabia is a significant step in the journey of the company, reflecting its commitment to regional financial inclusion. 

With a strong foundation and continued investor support, Khazna is well-positioned to make a lasting impact on the financial landscape of the Middle East.