The Cairo based financial super app Khazna has managed to raise $38 million Series A in debt and equity funding.
The company was created by Omar Saleh in 2019 to provide basic banking and other financial services targeting lower and middle-income earners. The firm seeks to help the unbanked and underbanked startups across North Africa.
Khazna’s CEO Saleh said, “We are much more of a super app than a digital bank because we have, in addition to the financial services, launched multiple non-financial services as well on the app.”
“How the products are designed and the merchants that we are connected to is all in line with the needs and the interests of low to middle-income Egyptian users.”
The company also introduced (BNPL) buy now and pay later services options, which are currently available to 1K merchants stores across Egypt.
In a statement, Monica Brand Engel, Quona co-founder and managing partner said, “In just two years, Khazna has scaled and monetized quickly and is already a market leader in the push for financial inclusion for the 35 million underbanked in Egypt.”
“Empowering consumers and micro-businesses with Khazna’s convenient, user-centric, and the transparent financial super app can enable millions across Egypt to gain greater control over their financial lives.”