Egypt’s Khazna Eyes Digital Banking, Saudi Expansion After $16M-Raise
TLDR
- Egyptian fintech Khazna has secured $16 million in pre-Series B funding, bringing its total funding to over $63 million
- The startup, founded in 2019, provides salary advances, digital payments, and microloans to low- and middle-income workers
- With 500,000 users, Khazna is now working toward a digital banking license in Egypt, allowing it to accept deposits and lower borrowing costs
Egyptian fintech Khazna has secured $16 million in pre-Series B funding, bringing its total funding to over $63 million. The startup, founded in 2019, provides salary advances, digital payments, and microloans to low- and middle-income workers who lack access to traditional banking.
With 500,000 users, Khazna is now working toward a digital banking license in Egypt, allowing it to accept deposits and lower borrowing costs. The company plans to secure regulatory approval by mid-2026.
Khazna is also expanding into Saudi Arabia, leveraging the large Egyptian diaspora and demand for consumer finance solutions. It aims to generate 40-50% of its revenue from Saudi Arabia within four years, positioning itself for a potential IPO on the Tadawul stock exchange.
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Key Takeaways
Khazna’s focus on payroll-backed lending and pension-based credit helped it break even in early 2024. The digital banking license will be a game-changer, allowing it to offer more affordable loans. Saudi Arabia presents a strategic opportunity due to its strong financial market, growing demand for lending products, and deep economic ties with Egypt. The company plans to integrate remittances and FX solutions into its offerings. Khazna’s latest funding round included participation from Quona, Speedinvest, Aljazira Capital, anb Seed Fund, DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund for MSME. Egypt’s improving investment climate has renewed investor interest, making expansion plans more viable. With macroeconomic stability returning, Khazna is positioning itself as a leading digital financial platform for underserved populations in Egypt and beyond.
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