The Egyptian fintech startup Khazna has raised a pre-series financing cycle of $ 16 million to fuel its growth in the country and develop in Saudi Arabia.
Launched in 2020 by Omar Saleh, Ahmed Wagueeh and Fatimah El Shenawy, Khazna Has started life as a won wage access product, but has since transformed a multi-product which is aimed at 50% of Egyptians who are users of active smartphones who do not have access to formal financial services. It currently offers credit for general purposes, buy Now Pay later (BNPL) and invoice payment services.
Business collected US $ 38 million in series A series financing In 2022, and now put a round of $ 16 million in B Pre-Série B. La Ronde saw the participation of new and existing investors, notably Sanad Fund for Msme, Anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, NClude, Usu Ventures, Quona Capital, Speedinvest and Disruptch Ventures.
Khazna will use the investment to fuel its growth by requesting a digital banking license in Egypt and making its expansion on the Saudi market via strategic partnerships.
“The closure of this financing tour is a central success for the Khazna team. This propels not only our core business, but also allows us to accelerate our mission to advance financial inclusion in the MENA region. The entry of Khazna into Saudi Arabia marks the start of a new chapter. And we are committed to providing an unrivaled digital user experience throughout the region, “said Omar Saleh, CEO of Khazna.