To boost its expansion, the $38m Series A raises by Khazna, an Egyptian financial superapp

Khazna is an Egyptian financial super app. It offers technology-driven, easy-to-use financial services to micro-businesses and consumers who are underserved.

Inaugurated in 2020 Khazna the product started as an earn wage access product but has grown to be a multi-product to cater to the 50 per cent of Egyptians who own smartphones but lack formal financial services. It currently offers general-purpose credit, bill payment, and buy now/pay later (BNPL). 

To replace cash-driven informal alternatives in Egypt, the company has raised US$38 million in Series A funding. Khazna raised US$47 million in total since its inception. 

Quona Capital, a fintech-focused investor, led the equity investment. Speedinvest, Nclude and Khawarizmi Ventures were also involved. Accion Venture Lab, Disruptech and AB Accelerator, Arab Bank, CVentures, among other, were also part of the deal. The company’s debt financing is provided by Lendable, while the Arab Bank Egypt is the security agent facilitating the transaction. 

“The unprecedented evolution of Egypt’s nascent fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society. We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all. We are combining cutting-edge technology and relentless user obsession to build the best experience for our users,” said Omar Saleh, Khazna’s co-founder and CEO. “We continue to experience exponential growth in network effects created by our more than 150,000 active users, our partners, and Egypt’s largest merchants.”

Khazna represents Quona Capital’s second investment in Egypt, and Monica Brand Engel, the firm’s co-founder and managing partner, said the startup had scaled and monetized quickly to become a market leader in the push for financial inclusion for the 35 million underbanked in Egypt. 

“Empowering consumers and micro-businesses with Khazna’s convenient, user-centric, and transparent financial super app can enable millions across Egypt to gain greater control over their financial lives. Quona is incredibly excited about Khazna’s roadmap to be the category-leading digital super app for inclusive finance in Egypt,” she said.

 

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