Egyptian fintech startup Khazna has secured a $16 million pre-Series B funding round, bringing its total funding to $63 million.
The fresh capital is intended to support Khazna’s application for a digital banking license in Egypt and to facilitate its expansion into the Saudi Arabian market through strategic partnerships.
Khazna was founded in 2019 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy. Initially launched as an earned wage access platform, Khazna has evolved into a comprehensive financial services provider, offering a “financial super app” tailored for underserved communities in Egypt.
The app’s services include general-purpose credit, buy now pay later (BNPL) options, and bill payment services, aiming to cater to the approximately 50% of Egyptians who are active smartphone users but lack access to formal financial services.
Khazna’s work is crucial as it addresses the significant gap in financial inclusion within Egypt and the broader MENA region. By providing accessible financial services to underserved populations, Khazna empowers individuals with tools for better financial management, promotes economic participation, and contributes to the overall development of the region’s financial ecosystem.
This round saw participation from both new and existing investors, including Aljazira Capital, Khwarizmi Ventures, Nclude, anb Seed Fund, Disruptech Ventures, ICU Ventures, Quona Capital, Speedinvest, and SANAD Fund for MSME.
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