Financial services company Khazna raises $16 million, aiming to broaden its services and establish a presence in Saudi Arabia's market.
Egyptian Fintech Startup Khazna Secures $16 Million in Funding
Egyptian fintech startup Khazna has announced a successful Pre-Series B funding round, raising $16 million and bringing its total funding to over $63 million. This investment will support Khazna's growth and its expansion into the Saudi Arabian market.
Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna initially launched as an earned wage access platform. However, it has since evolved into a multi-product financial application, offering services such as general-purpose credit, buy now pay later (BNPL), and bill payments. The platform primarily serves the nearly 50% of Egyptians who own smartphones but lack access to formal financial services.
The funding round included participation from both existing and new investors, such as Quona Capital, Speedinvest, Aljazira Capital, SANAD Fund for MSME, Khwarizmi Ventures, Nclude, ICU Ventures, Disruptech Ventures, and Anb Seed Fund. Omar Saleh, Co-Founder and CEO of Khazna, stated that the funding round is a testament to the dedication of Khazna's team and the investors' belief in their mission.
With this investment, Khazna aims to establish a presence in the Saudi market, aligning with the broader trend of fintech growth in the Middle East, where Saudi Arabia is a key market under government initiatives promoting digital finance and economic diversification. The startup plans to leverage strategic partnerships to extend its reach in the Saudi market and, if successful, apply for a digital banking license, which would allow Khazna to accept customer deposits and expand its range of financial services.
This investment signifies the growing confidence in fintech solutions designed for underserved populations in the Middle East and North Africa. As Khazna continues to grow and expand, it will undoubtedly play a significant role in increasing financial inclusion in the region.
Khazna's $16 million Pre-Series B funding will be utilized to establish a presence in the Saudi Arabian market, expanding its business and aiming to increase financial inclusion. With this investment, the fintech startup Khazna will leverage technology to offer a variety of financial services, such as investing in general-purpose credit, buy now pay later (BNPL), and bill payments, to underserved populations who currently lack access to formal financial services.
