Egyptian financial super app Khazna completes $38m in Series A round to boost expansion

Khazna, an Egyptian financial super app that provides underprivileged consumers and micro-businesses with easy-to-use, technology-driven financial services, has received a Series A round of US$38 million in stock and debt to accelerate its expansion efforts.

Khazna was launched in 2020 as an earned income access product, but it has since evolved into a multi-product that caters to the 50% of Egyptians who use smartphones but do not have access to formal financial services. It now provides general credit, buy now pay later (BNPL), and bill payment services.

The company has now raised US$38 million in Series A funding to help it expand its efforts in Egypt to replace cash-based alternatives.

Khazna has already raised a total of US$47 million in funding since its beginning.

Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others, participated in the equity investment headed by fintech-focused impact investor Quona Capital. Lendable provides the company with debt financing, while Arab Bank Egypt serves as the transaction’s security agent.

“The Central Bank of Egypt’s major efforts towards financial inclusion and a less-cash society are reflected in the extraordinary expansion of Egypt’s embryonic fintech industry.” We share CBE’s objective, and Khazna thinks that everyone should have access to world-class financial services. Khazna’s co-founder and CEO, Omar Saleh, said, “We’re merging cutting-edge technology with a tireless user obsession to develop the best experience for our consumers.” “The network effects created by our more than 150,000 active users, our partners, and Egypt’s leading merchants continue to grow exponentially.”

Quona Capital’s second investment in Egypt is Khazna, which Monica Brand Engel, the firm’s co-founder and managing partner, said has quickly expanded and monetised to become a market leader in the quest for financial inclusion for Egypt’s 35 million unbanked.

“Empowering consumers and microbusinesses with Khazna’s easy, user-centric, and transparent financial super app can help millions of Egyptians acquire greater financial autonomy.” “Quona is ecstatic about Khazna’s plans to become Egypt’s category-leading digital super app for inclusive finance,” she said.