- Khazna secures $16 million in pre-Series B funding to expand into Saudi Arabia and pursue a digital banking license.
- The fintech firm provides credit, BNPL, and bill payment services to underbanked Egyptians, supporting financial inclusion.
- Saudi Arabia’s Vision 2030 is driving fintech growth, making it a strategic market for Khazna’s expansion.
Egypt-based fintech company Khazna has successfully raised $16 million in a pre-Series B funding round, reinforcing its ambitious plans to expand into Saudi Arabia and pursue a digital banking license in Egypt.
The funding round saw participation from new and existing investors, including:
- SANAD Fund for MSME
- anb Seed Fund (managed by anb Capital)
- Aljazira Capital (investment arm of Bank Aljazira, Saudi Arabia)
- Khwarizmi Ventures
- Nclude (a fintech fund backed by Egypt’s top national banks)
- ICU Ventures, Quona, Speedinvest, and Disruptech Ventures
This funding comes at a time when Saudi Arabia is experiencing rapid fintech growth under Vision 2030, attracting major financial technology innovators to the region.
Khazna’s Mission to Drive Financial Inclusion
Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna is a financial super app aimed at serving underbanked Egyptians with limited access to formal financial services. The platform offers:
- General-purpose credit
- Buy Now, Pay Later (BNPL) services
- Bill payment solutions
With its latest funding, the company plans to scale operations, enhance its product offerings, and apply for a digital banking license in Egypt. The move will allow Khazna to offer a more comprehensive suite of financial services to users.
Expansion into Saudi Arabia
Khazna’s entry into Saudi Arabia aligns with the Kingdom’s digital transformation goals. The fintech firm will focus on strategic partnerships to tailor its services for Saudi consumers and businesses.
CEO Omar Saleh expressed confidence in the company’s vision, stating: “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.”
Investor Confidence and Fintech Growth
The successful funding round highlights investor confidence in Khazna’s innovative business model and its ability to transform digital banking in the region. The fintech sector in the Middle East and North Africa (MENA) is witnessing rapid investment growth, driven by an increasing demand for financial inclusion solutions.
Previously, Khazna raised $38 million in a Series A round in March 2022, consisting of equity and debt financing. The company’s continuous expansion underscores its commitment to reshaping financial services for underserved populations.
As Khazna moves forward with its regional expansion and product innovations, it is well-positioned to become a key player in the MENA fintech ecosystem.
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