Egyptian fintech Khazna raises $38mln in Series A

Khazna, a Cairo-based fintech company has raised $38 million in a Series A round led by Quona Capital. Other investors participated in the equity and debt funding round included Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others.

The company’s debt financing is provided by Lendable, while the Arab Bank Egypt is facilitating the transaction.

Launched in 2020, Khazan app offers a wide range of financial services to both consumers and micro businesses including general purpose credit, buy now lay later (BNPL) and Bill Payment. Since its inception, the company has raised a total of $47 million and secured more than 150 thousand users.

In recent years, there has been a growing investment appetite for fintech in Egypt especially that the Central Bank of Egypt has passed a wide range of regulations that aimed at promoting the sector and accelerating financial inclusion of a mostly-unbanked nation.

“We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all,” said Omar Saleh Khazna’s co-founder and CEO “We are combining cutting-edge technology and relentless user obsession to build the best experience for our users.”

The fresh funds are expected to help Khazna grow its team and products.

(Writing by Noha El Hennawy; editing by Seban Scaria)