Khazna, a fintech company based in Egypt that focuses on providing financial services to underserved populations, has successfully secured $16 million in a pre-Series B funding round as it prepares to apply for a digital banking license.
This funding round attracted a mix of new and existing investors, including the Sanad Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, and Nclude— a fintech fund established by Egypt’s largest national banks—as well as ICU Ventures, Quona, Speedinvest, and Disruptech Ventures.
In 2022, Khazna raised $38 million in a Series A funding round, and this latest investment increases the total funding for the financial Super App to $63 million.
Khazna has expanded its user base to over 500,000 individuals, with a particular emphasis on workers earning significantly less than Egypt’s minimum wage. The fintech’s primary offering integrates financial services—such as loans and insurance—directly into payroll accounts and provides unsecured loans to gig economy workers.
In addition to these core services, the Super App also includes features like bill payments, buy now, pay later options, medical insurance, and rent-to-own financing.
Currently, Khazna is pursuing a deposit-taking license in Egypt, with plans to expand into neighboring Saudi Arabia.
Omar Saleh, CEO of Khazna, commented, “Securing this funding round represents a crucial milestone for our team. It not only strengthens our core business but also allows us to accelerate our commitment to advancing financial inclusion throughout the MENA region. Our entry into Saudi Arabia signifies the start of a new chapter, and we are dedicated to providing an exceptional digital banking experience across the region.”