Khazna, Egypt’s digital banking app has closed $16 million round to further fuel its growth by applying for a digital banking license in Egypt and advancing its expansion into the Saudi Arabian market.
The pre-Series B round was from SANAD Fund for MSME, anb Seed Fund (managed by anb Capital), Aljazira Capital (the investment arm of Bank Aljazira of Saudi Arabia), Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest and Disruptech Ventures.
Khazna will use the funding to boost its Saudi expansion and transform the digital banking industry across the region.
According to Omar Saleh, CEO of Khazna, “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.”
This round of funding underscores investor confidence in Khazna’s world-class team, innovative business model, and significant potential for the digital bank. Under Saudi Vision 2030, the Kingdom has seen tremendous digital economy growth and attracted top financial technology innovators. Khazna’s expansion into Saudi Arabia will involve strategic partnerships to ensure a tailored approach that meets the specific needs of its target user base.
In March 2020, Khazna raised seed funding to provide financial services to the country’s underbanked and two years later raised $38 million Series A round led by Quona Capital. In March last year, Khazna expanded its services into Saudi Arabia in partnership with Khwarizmi Ventures in efforts to contribute to turning Saudi Arabia into a cashless society and to provide digital payment solutions.
Khazna has achieved massive success in Egypt, landing 300+ commercial partners and acquiring 500K+ end-users to date. The company has raised $30M in equity funding from global investors, including Quona Capital and Speedinvest, and a credit facility from Lendable.
Launched in 2020 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, Khazna aims to serve underbanked Egyptians who have little access to formal financial services, including general-purpose credit, buy now pay later (BNPL), and bill payment.