Khazna, a Cairo-based FinTech company, has secured $16m in its pre-Series B funding round, bringing its total funding to over $63m.
The round saw participation from global investors such as Quona and Speedinvest, alongside regional investment firms including Aljazira Capital, anb Seed Fund, DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund for MSME, according to a report from TechCrunch.
Khazna is on a mission to provide financial services to Egypt’s underbanked population, particularly low- and middle-income workers. Founded in 2019, the company offers digital financial solutions including salary advances, digital payments, and microloans to help individuals gain access to essential financial services.
Khazna focuses on workers earning three times less than Egypt’s minimum wage, integrating financial services directly into payroll systems for approximately 100,000 users. For an additional 400,000 users, the company provides lending solutions, including credit for gig workers and pensioners.
The new capital will be used to support Khazna’s regional expansion, particularly its planned entry into Saudi Arabia. Additionally, the company is preparing to apply for a digital banking licence in Egypt, which would allow it to accept customer deposits.
Khazna’s CEO and co-founder, Omar Saleh, emphasised the importance of securing this licence, stating, “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.”
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