Egyptian Fintech Khazna Raises $38 Million in Series A Funding

Khazna, a Cairo-based financial Super App that offering financial services to Egypt's underserved consumers and micro-businesses, has raised a Series A round of $38 million in equity and debt, with the equity investment led by impact investor Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others.

The round comes as Khazna ramps up its efforts to replace informal cash-driven alternatives across Egypt, pairing a digital native solution with an innovative business model.

Fazzaco Live Webinar on 7th April: Nahum Greenberg Talks About MarksMan Liquidity Hub

Khazna's super app caters to 50% of Egyptians who are active smartphone users and lack access to formal financial services. Khazna currently offers General Purpose Credit, Buy Now Pay Later (BNPL), and Bill Payment. The company's vision is to digitize cash transactions across Egypt, in response to the Central Bank of Egypt's recent push for financial inclusion and a "less-cash" framework.

"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."

Khazna has raised a total of $47 million since the company's inception.

Source: zawya.com