Khazna, an Egyptian fintech startup the company has raised $38 million in a Series A equity and debt financing round. Quona Capital was the lead investor in equity, with Nclude, Khawarizmi Ventures and Algebra Ventures participating. Accion VentureLab, Disruptech, AB Accelerator, Arab Bank, CVentures, and Speedinvest were also part of this round.
The company’s debt financing was provided by Lendable, while the Arab Bank Egypt is the Security Agent facilitating the transaction. Khazna is increasing its efforts to replace informal cash-driven options across Egypt by combining a digital native solution with a new business model. Khazna has raised a total of $47 million since the company’s inception.
Founded by Omar Selah Khazna’s 2019 lineup includes Omar Salah, FatimahEl Shenawy and Ahmed Wagueeh. They offer basic banking as well as a variety of financial services that are geared towards middle- and lower-income earners. The startup offers General Purpose credit, Buy Now and Pay Later (BNPL), as well as Bill Payment.
“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 150k+ active users, our partners, and Egypt’s largest merchants.”
“In just two years, Khazna has scaled and monetized quickly and is already a market leader in the push for financial inclusion for the 35 million underbanked in Egypt,” said Monica Brand Engel, co-founder and Managing Partner at Quona.
“Empowering consumers and micro-businesses with Khazna’s convenient, user-centric, and the 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.”
“We have been following the Khazna team since its launch in Egypt and have seen the business gain clear traction resulting in a fast scaling product offering,” said Suresh Samuel, Lendable’s Deputy Chief Investment Officer.
“As Lendable continues to grow our presence providing scalable debt financing to fintech in Egypt, we are excited to support Khazna’s work in providing increased access to financial services for the underserved in Egypt.”