Egyptian fintech startup Khazna has raised a US$16 million pre-Series B round of funding to fuel its growth at home and expand into Saudi Arabia.
Launched in 2020 by Omar Saleh, Ahmed Wagueeh and Fatimah El Shenawy, Khazna began life as an earned wage access product, but has since grown into a multi-product that caters to the 50 per cent of Egyptians who are active smartphone users yet lack access to formal financial services. It currently offers general purpose credit, buy now pay later (BNPL), and bill payment services.
The company raised US$38 million in Series A funding back in 2022, and has now banked a US$16 million pre-Series B round. The round saw participation from new and existing investors, including SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona Capital, Speedinvest and Disruptech Ventures.
Khazna will use the investment to further fuel its growth by applying for a digital banking license in Egypt and advancing its expansion into the Saudi Arabian market via strategic partnerships.
“Closing this funding round is a pivotal achievement for Khazna’s team. This not only propels our core business but also empowers us to accelerate our mission of advancing financial inclusion across the MENA region. Khazna’s entry into Saudi Arabia marks the beginning of a new chapter. and we are committed to delivering an unparalleled digital user experience across the region,” said Omar Saleh, CEO of Khazna.
