Egyptian fintech startup, Khazna, has secured $16 million in pre-Series B funding to accelerate its growth domestically and expand into Saudi Arabia.
The round attracted investment from both new and existing backers, including global firms like:
- Quona and
- SpeedInvest
as well as regional investors such as:
- Aljazira Capital (the investment arm of Bank Aljazira in Saudi Arabia),
- anb Seed Fund (managed by anb Capital)
- DisrupTECH
- ICU Ventures
- Khwarizmi Ventures, and
- SANAD Fund for MSME
“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,” said Omar Saleh, CEO of Khazna.
Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna initially launched as an earned wage access platform. It has since evolved into a multi-product service catering to the 50% of Egyptian smartphone users who lack access to formal financial services. The company now provides general-purpose credit, buy now, pay later (BNPL), and bill payment solutions.
The startup has grown its user base to over 500,000 people, though this is only half of its original target for the end of 2022, as previously stated by Co-Founder and CEO, Omar Saleh.
Going forward, Khazna aims to obtain a banking license from Egypt’s Central Bank by mid-2026, following the regulatory framework for digital banks introduced in July 2024.
“The biggest game changer here is for us to get access to user deposits. There’s a huge opportunity for us to capture part of that market as well in a way that will make our cost of funding much more attractive than it is today, and ultimately, that would put us in a very differentiated position,” Saleh remarked.
While beginning this process, the six-year-old fintech is also expanding into Saudi Arabia, where demand for consumer finance solutions continues to grow.
Khazna is prioritizing Saudi Arabia partly due to its strong ties with Egypt, says Saleh. With nearly three million Egyptians residing in Saudi Arabia, the Egypt-Saudi remittance corridor is among the world’s largest. This presents a significant opportunity for Khazna to provide cross-border financial services, integrating credit-led offerings with foreign exchange (FX) solutions.
Since 2024, multiple fintech startups in North Africa have been announcing investments there including:
FUNDING | Egyptian Fintech, Sahl, Raises $6 Million to Expand Operations
Since its founding in 2020, Sahl has emerged as a significant player in the Egyptian fintech sector, serving over 12 million customers monthly and 15 million households across Egypt.
Through its app,… pic.twitter.com/0IFgxhae9e
— BitKE (@BitcoinKE) June 13, 2024
Already in 2025, Egypt, which came third in total overall funding in the MENA region in 2024 with $334 million raised, has seen MoneyHash and now Khazna announce new raises.
NORTH AFRICA | Fintech Dominated Investments in the #MENA Region in 2024, Web3 Took Second Spot
From a country point of view, #Egypt took third place, attracting $334 million in investments across 84 startups.https://t.co/i4SRnzMRYc pic.twitter.com/nsGW7FF7U0
— BitKE (@BitcoinKE) January 30, 2025
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