Egypt-based fintech Khazna expands services into Saudi Arabia
TLDR
- Khazna partners with Khwarizmi Ventures (KV) to enter the Saudi Arabian market for financial technology services.
- Khazna focuses on underserved consumers and micro-businesses, aiming to replace informal cash-driven alternatives with a digital-native solution.
- Khazna secures $30 million in equity funding from global investors and establishes successful partnerships with over 300 commercial entities, reaching a user base of over 500,000.
Khazna, a regional financial technology provider catering to underserved consumers and micro-businesses, has entered the Saudi Arabian market through a partnership with Khwarizmi Ventures (KV), a Saudi-based venture capital fund specializing in early-stage startups across the MENAP region. KV is backed by prominent private investors and family offices.
This expansion follows the acquisition of the necessary license and reflects Khazna's commitment to replacing informal cash-driven alternatives throughout the region by offering a digital-native solution coupled with an innovative business model.
With a track record of success in Egypt, Khazna has established partnerships with over 300 commercial entities and garnered a user base exceeding 500,000. The company has secured $30 million in equity funding from global investors, including Quona Capital and Speedinvest, as well as a credit facility from Lendable.
Key Takeaways
Digital banks have enormous potential in Egypt, a country where 2 of every 3 individuals are partly or excluded from formal financial services but 50% of its 100 million people actively use smartphones. In addition to high mobile and internet penetration, the North African country boasts a young and tech-savvy population with 61% below 30. Startups like Khazna have thus moved to capture this opportunity with neo-banking platforms, contributing to the general booming fintech sector in Egypt.
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