Egyptian fintech company Khazna has raised $16 million in a pre-Series B funding round, bringing its total investment to over $63 million.
Founded in 2019, Khazna provides financial services to low- and middle-income workers, offering solutions such as salary advances, digital payments, and microloans.
The company aims to bridge the financial gap for Egyptians who lack access to traditional banking, with over 500,000 users currently leveraging its platform. Of these, 100,000 receive their salaries directly through Khazna, enabling the integration of financial services like loans and insurance into payroll systems. The company also provides bill payment services, buy-now-pay-later (BNPL) options, medical insurance, and rent-to-own products.
Khazna’s CEO, Omar Saleh, highlighted the company’s focus on credit offerings for payroll and pension recipients, as well as unsecured loans for gig workers, as a key driver of profitability.
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However, Khazna faces challenges in lending operations due to its inability to accept customer deposits. To address this, the company is working to secure a deposit-taking license from Egypt’s Central Bank, which introduced a regulatory framework for digital banks in July 2024.
In addition to its domestic growth, Khazna is eyeing expansion into Saudi Arabia, where demand for consumer finance solutions is rising. Unlike BNPL companies like Tabby and Tamara, Khazna aims to provide medium-term credit solutions such as earned wage access (EWA), payroll-backed lending, and pension-based credit.
The strong economic ties between Egypt and Saudi Arabia, with nearly three million Egyptians living and working in Saudi Arabia, present an opportunity for Khazna to offer cross-border financial services, particularly in credit and foreign exchange (FX) solutions.
Khazna plans to generate 40–50% of its revenue from Saudi Arabia within the next four years, positioning itself for a potential public listing on the Tadawul stock exchange. This strategy provides early-stage investors with a clear exit path.
The funding round included participation from global and regional investors such as Quona, Speedinvest, and Aljazira Capital, reflecting renewed investor confidence in Khazna’s growth potential.
