Khazna Secures $16M for Expansion in Egypt, Saudi Arabia

Khazna, a fintech startup focused on providing financial services to underserved populations in Egypt, has successfully closed a $16 million pre-Series B funding round, raising its total funding to over $63 million. The investment, backed by notable investors like SANAD Fund for MSME and Aljazira Capital, will facilitate Khazna's application for a digital banking license in Egypt and support its expansion into Saudi Arabia. Since its launch in 2019, Khazna has seen its user base grow from 150,000 to over 500,000, primarily targeting low- to middle-income workers. The company's offerings include salary advances, digital payments, and microloans, with a significant focus on payroll-based lending. CEO Omar Saleh noted that prioritizing payroll-backed credit has been essential to achieving profitability. As Khazna continues to evolve, it aims to establish itself as a fully-fledged digital bank in the region.