Khazna, an Egypt-based fintech that offers financial services to underserved segments, has raised a $16 million pre-Series B funding round as it prepares to apply for a digital banking licence.
The round drew participation from new and existing investors including Sanad Fund for MSME, anb Seed Fund,, Aljazira Capital, Khwarizmi Ventures, Nclude - a fintech fund set up by Egypt's largest national banks - ICU Ventures, Quona, Speedinvest and Disruptech Ventures.
Khazna last raised $38 million in Series A funding in 2022. The new round brings total investment in the financcial Super App to $63 million.
The fintech's user base has grown to over 500,000 people, with a focus on workers earning three times less than Egypt’s minimum wage. Khazna's core product integrates financial servics such as loans and insurance directly into payroll accounts, alongside direct delivery of unsecured loans to gig economy workers.
Other products, such as bill payments, buy now, pay later, medical insurance, and a rent-to-own finance are also part of the Super App package.
Khazna is now working towards becoming a digital bank by securing a deposit-taking license in Egypt, and expanding into neighbouring Saudi Arbia.
Omar Saleh, CEO of Khazna, states: "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."