Khazna, a prominent digital financial services platform based in Egypt, has raised $16 million in a pre-Series B funding round. This successful fundraising event was led by key investors, including the SANAD Fund for MSME, anb Seed Fund, and Aljazira Capital, the investment arm of Saudi Arabia’s Bank Aljazira. Alongside these, the round also saw participation from Khwarizmi Ventures, Nclude, ICU Ventures, Quona capital, Speedinvest, and Disruptech Ventures, reflecting strong confidence in Khazna’s potential to drive transformation in the region’s digital banking industry.

Strategic Expansion and Digital Banking License Application

The new capital injection will enable Khazna to expedite its plans for growth, including applying for a digital banking license in Egypt. The company also aims to establish a strong foothold in the Saudi Arabian market, a key part of its expansion strategy under Saudi Arabia’s Vision 2030 initiative. By expanding into Saudi Arabia, Khazna hopes to leverage the country’s booming digital economy and continue its mission to enhance financial inclusion across the MENA region.

A Commitment to Financial Inclusion

Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna aims to serve the underbanked population of Egypt, a group with limited access to formal financial services. The platform offers a range of products, including general-purpose credit, buy now pay later (BNPL), and bill payment solutions, helping to fill the gap in the country’s financial landscape. Khazna’s approach has garnered significant attention from investors who see potential in its model to address critical challenges faced by underserved populations in the MENA region.

Building on Past Successes

This funding round follows Khazna’s successful Series A round in March 2022, in which it raised $38 million in a combination of equity and debt. The latest round positions the company for accelerated growth, with a focus on expanding its offerings and geographical reach. As the company moves toward securing its digital banking license and broadening its presence, it remains committed to offering an unmatched digital user experience to its customers.

Looking Ahead to Future Growth

Khazna’s leadership sees this funding round as a pivotal moment in the company’s journey. CEO Omar Saleh emphasized that the funding will not only drive the company’s core business forward but also support its broader goal of advancing financial inclusion in the MENA region. He stated that the company’s entry into Saudi Arabia marks an exciting new chapter in Khazna’s evolution, with plans to create tailored services that meet the unique needs of users in this fast-growing market.

Khazna’s $16 million pre-Series B funding round is a clear indicator of the strong investor confidence in the company’s vision and business model. As the company seeks to expand its reach across Egypt and into Saudi Arabia, it remains focused on its mission to enhance financial inclusion and provide accessible, tech-driven financial services to underserved populations. With an eye on Saudi Arabia’s growing digital economy, Khazna is poised to play a key role in shaping the future of digital banking across the MENA region.