Egyptian FinTech Khazna Raises $16M for Expansion into Thriving Saudi Arabian Market
Khazna, a leading FinTech company based in Cairo, has recently completed a successful pre-Series B funding round, raising an impressive $16 million. This funding boost elevates the company’s total investments to over $63 million, enabling it to further its mission of providing essential financial services to Egypt’s underbanked population.
Investment Highlights of Khazna’s Funding Round
The latest funding round attracted notable global investors, including Quona and Speedinvest. Additionally, several regional firms participated, such as:
Khazna’s Mission to Empower the Underbanked
Founded in 2019, Khazna is dedicated to enhancing financial accessibility for low- and middle-income workers in Egypt. The company offers various digital financial solutions, including:
- Salary advances
- Digital payments
- Microloans
These services are designed to help individuals who earn significantly less than Egypt’s minimum wage, directly integrating financial solutions into payroll systems for around 100,000 users. Furthermore, Khazna extends its lending services to an additional 400,000 users, including gig workers and pensioners.
Future Plans and Expansion
The new capital will be instrumental in supporting Khazna’s regional expansion, particularly its strategy to enter the Saudi Arabian market. The company is also preparing to apply for a digital banking license in Egypt, which would enable it to accept customer deposits.
CEO’s Vision for Growth
Khazna’s CEO and co-founder, Omar Saleh, highlighted the significance of obtaining the digital banking license. He stated, “The biggest game changer here is for us to get access to user deposits. There’s a huge opportunity for us to capture part of that market as well in a way that will make our cost of funding much more attractive than it is today, and ultimately, that would put us in a very differentiated position.”
For more information on the evolving FinTech landscape in Egypt, visit TechCrunch.
As Khazna continues to expand its offerings, it is poised to play a crucial role in transforming the financial services sector for millions of underbanked individuals in the region.
