The Egyptian fintech startup Khazna obtained $ 16 million in funding before the B series, bringing its total funding to more than $ 63 million
Khazna, an Egyptian fintech startup, obtained $ 16 million in B financing before the series, bringing its total funding to more than $ 63 million. The investment will support his expansion plans while he is preparing to ask for a digital banking license in Egypt and to develop in Saudi Arabia.
The startup, which was founded in 2019, obtained its first funding in 2022 with a series of $ 38 million A. At the time, Khazna had around 150,000 customers in its products. Today, the startup has increased its user base to more than 500,000 people.
The company focuses on workers earning three times less than the minimum wage of Egypt, offering them affordable financial tools. About 100,000 users receive their salary via Khazna, allowing the company to integrate financial services such as loans and insurance directly in their payroll accounts.
For the remaining 400,000 users, Khazna offers loan services, helping workers and retirees access the credit.
The co-founder and CEO of the startup, Omar Saleh, explained that this product had made the profitability threshold of the Fintech last month.
“What we have done in the past two and a half years was to focus on our basic product, which is a credit offer to pay and retirement beneficiaries as well as unmarked loans to concert workers “Said the co-founder and CEO Omar Saleh in Techcrunch. “This is the most profitable and most basic product of our trip, and doing things correctly has been very important because it helped us achieve profitability.”
Khazna provides other services such as invoice payments, buy now, pay later, medical insurance and a rent product. But part of both payroll and loans, it is strategically evolving towards a full -fledged digital bank for poorly served communities in Egypt.