Khazna, financial Super App that offers easy to use, technology-driven financial services to Egypt’s underserved consumers and micro-businesses, 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.
Khazna launched in 2020 with an Earned Wage Access product that has since grown into the multi-product offering available today. 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.
“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. We continue to experience exponential growth in network effects created by our 150k+ active users, our partners, and Egypt’s largest merchants,” said Omar Saleh, Khazna’s co-founder and CEO.
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.
“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. 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,” said Monica Brand Engel, co-founder and Managing Partner at Quona.
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