Khazna Secures $16 Million to Support Digital Expansion into Saudi Arabia

Egyptian fintech company Khazna has closed a $16 million pre-Series B funding round to advance its regional expansion, particularly targeting the Saudi Arabian market. The funding round witnessed contributions from both new and existing investors, including SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest, and Disruptech Ventures.

Founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, Khazna aims to provide financial services to underbanked Egyptians who face limited access to formal banking solutions. The fintech platform focuses on services such as general-purpose credit, buy now pay later (BNPL) options, and bill payment, offering tools to help users manage their finances more effectively.

With this latest funding, Khazna plans to apply for a digital banking license in Egypt and accelerate its entry into the Saudi market. The company’s planned expansion into Saudi Arabia comes amid the country’s push for digital transformation under Vision 2030, an initiative that has seen substantial growth in the digital economy and an increased focus on financial technology. As part of its strategy, Khazna will pursue partnerships to ensure that its products meet the specific needs of Saudi users.

Discussing the funding, Omar Saleh, CEO of Khazna, remarked, "This funding round is a pivotal achievement for Khazna’s team. 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."

The latest investment builds on the company’s earlier funding success. In March 2022, Khazna completed a $38 million Series A funding round, comprising both equity and debt. Since then, the company has continued to expand its product offerings and reach, particularly within Egypt, where it has seen notable growth in its user base.

As Khazna prepares for its next steps, its entry into Saudi Arabia will be supported by tailored services designed to meet local financial needs. The fintech firm will also continue leveraging its digital infrastructure to support its broader goal of expanding financial inclusion. By doing so, Khazna aims to establish itself as a key player in the region’s evolving financial landscape.