Khazna, an Egyptian startup that provides easy-to-use, technology-driven financial services to underprivileged people and microbusinesses, has acquired a US$38 million Series A round in stock and debt to accelerate its expansion ambitions.
Quona Capital, an impact investor focused on fintech, led the equity investment, which also included Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures. Lendable provides debt finance for the company, while Arab Bank Egypt acts as the security agent and facilitates the transaction.
Khazna was launched in 2020 as an earned wage access product. Since then, it has expanded into a multi-product platform that caters to the 50% of Egyptians who are active smartphone users but lack access to official financial services.
At the moment, it provides general-purpose credit, buy now pay later (BNPL), and bill payment services.
“The phenomenal growth of Egypt’s fledgling fintech industry is a testament to the Central Bank of Egypt’s major efforts toward financial inclusion and a cashless society. We share the CBE’s objective, and Khazna’s fundamental belief is that world-class financial services should be accessible to everyone. We’re combining cutting-edge technology and an unwavering focus on the user experience to create the best possible experience for our users,” said Omar Saleh, co-founder, and CEO of Khazna. “Our network effects continue to develop exponentially as a result of our over 150,000 active users, our partners, and Egypt’s largest merchants.”
The startup has now raised US$38 million in Series A funding to accelerate its efforts in Egypt to replace informal cash-based alternatives.
With this round, Khazna has raised a total of US$47 million since its establishment.
Read more on Tech Gist Africa:
FlapKap, an Egyptian SaaS platform, has received $1.2 million in funding
Eksab, an Egyptian esports startup, has raised $3 million in a seed round.
Super app for Egyptian financial services Lucky has secured a $25 million Series A round of funding
