Egypt-based fintech company Khazna has secured US$16 million in a pre-Series B funding round to support its growth, with plans to apply for a digital banking licence in Egypt and expand into the Saudi market.
The fundraising was led by SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest, and Disruptech Ventures.
As part of its expansion into Saudi Arabia, Khazna will form strategic partnerships to ensure a customised approach that aligns with the specific needs of its target users.
With the Kingdom witnessing significant growth in its digital economy and attracting key fintech innovators in line with Saudi Vision 2030, Khazna’s move aligns with broader regional developments.
Omar Saleh, CEO of Khazna, stated:
“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,”
Saleh added.
Featured image credit: edited from freepik
