ADVERTISEMENT
TechEconomy
Saturday, May 24, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Egypt’s Khazna Raises $16 Million as It Eyes Digital Banking, Saudi Expansion

Egypt’s Khazna Raises $16 Million as It Eyes Digital Banking, Saudi Expansion

Joan Aimuengheuwa by Joan Aimuengheuwa
February 4, 2025
in StartUPs
0
Egypt’s Khazna Raises $16 Million as It Eyes Digital Banking, Saudi Expansion
Source: Khazna

Source: Khazna

RelatedPosts

Kwik Parent Company Declared Bankrupt

Kwik Parent Company Declared Bankrupt

May 23, 2025

Vendease CFO Resigns After Leading Aggressive Restructuring

May 23, 2025

Egyptian fintech company Khazna has raised $16 million in pre-Series B funding, bringing its total investment to over $63 million. 

The company, which provides financial services to low- and middle-income workers, plans to use the funds to apply for a digital banking licence in Egypt and expand into Saudi Arabia.

Founded in 2019, Khazna aims to bridge the financial gap for Egyptians who lack access to traditional banking. The company offers services such as salary advances, digital payments, and micro-loans, allowing workers to manage their finances with greater flexibility. 

Currently, over 500,000 people use Khazna’s products, with 100,000 receiving their salaries directly through the platform. The company’s goal is to integrate financial services such as loans and insurance into payroll systems, making financial management more accessible for workers.

Khazna has focused on credit offerings for payroll and pension recipients, alongside unsecured loans for gig workers. This approach has helped the company reach profitability, according to CEO Omar Saleh. 

“What we did over the last two and a half years was to focus on our core product, which is credit offering to payroll and pension recipients and also unsecured loans to gig workers. This is the most profitable and core product in our journey, and getting it right was very important because it has helped us to hit profitability,” Saleh said.

In addition to loans, Khazna provides bill payment services, buy-now-pay-later (BNPL) options, medical insurance, and rent-to-own products. However, one of the company’s biggest challenges is its inability to accept customer deposits, which makes lending operations costly. 

To address this, Khazna is working to secure a deposit-taking licence from Egypt’s Central Bank, which introduced a regulatory framework for digital banks in July 2024.

Beyond Egypt, Khazna is setting its sights on Saudi Arabia, where demand for consumer finance solutions is rising. Unlike BNPL companies such as Tabby and Tamara, which focus on short-term credit, Khazna aims to provide medium-term credit solutions like earned wage access (EWA), payroll-backed lending, and pension-based credit.

A key factor driving this expansion is the strong economic ties between Egypt and Saudi Arabia, with nearly three million Egyptians living and working in Saudi Arabia. This presents an opportunity for Khazna to offer cross-border financial services, particularly in credit and foreign exchange (FX) solutions.

Added to these, Saudi Arabia’s capital markets have influenced Khazna’s decision. The Tadawul stock exchange, one of the most liquid in the region, has hosted multiple IPOs in recent years. 

Khazna plans to generate 40–50% of its revenue from Saudi Arabia within the next four years, positioning itself for a public listing on Tadawul. Saleh noted that this would provide early-stage investors with a clear path to exit, making an IPO a viable long-term strategy.

Khazna’s latest funding round was shaped by Egypt’s recent economic instability, including currency devaluation and investor caution. Between 2022 and 2023, fundraising for Egyptian startups became difficult, leading to a slowdown in venture capital deals. 

However, 2024 brought a turnaround, with over $50 billion in foreign direct investment (FDI) flowing into the country following economic reforms.

This renewed investor assurance has benefited Khazna, which secured funding from both global and regional investors, including Quona, Speedinvest, SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Tibas Ventures, Khwarizmi Ventures, Nclude, and ICU Ventures.

Loading

Advertisements
MTN ADS

0Shares
Tags: Aljazira Capitalanb Seed Funddigital bankingDigital Paymentsfintechforeign exchange (FX)ICU VenturesKhaznaKhwarizmi VenturesNcludeOmar SalehQuonaSANAD Fund for MSMESpeedinvestTibas Ventures
Previous Post

Qeen.ai Raises $10 Million to Expand AI-Driven E-Commerce Solutions

Next Post

NBAN: Nigeria Boosts Broadband Investment by 500% to Reach 70% Penetration by 2025

Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Related Posts

Kwik Parent Company Declared Bankrupt
StartUPs

Kwik Parent Company Declared Bankrupt

by Joan Aimuengheuwa
May 23, 2025
0

Despite this ruling, Kwik CEO Romain Peroit-Lellig insists that the company’s Nigerian operations are unaffected and financially stable

Read more
Vendease CFO Resigns After Leading Aggressive Restructuring

Vendease CFO Resigns After Leading Aggressive Restructuring

May 23, 2025
Glance Launches AI-Native Shopping App Backed by Google

Glance Launches AI-Native Shopping App Backed by Google

May 22, 2025
Lagos Tops Global List of Fastest-Growing Tech Ecosystems in 2025

Lagos Tops Global List of Fastest-Growing Tech Ecosystems in 2025

May 22, 2025
Is GenAI Actually Paying Off? Pay-i Just Raised $4.9M to Find Out

Is GenAI Actually Paying Off? Pay-i Just Raised $4.9M to Find Out

May 21, 2025
Zoca Raises $6M from Accel to Transform Local Businesses Using Agentic AI

Zoca Raises $6M from Accel to Transform Local Businesses Using Agentic AI

May 21, 2025
Next Post
NBAN: Nigeria Boosts Broadband Investment by 500% to Reach 70% Penetration by 2025

NBAN: Nigeria Boosts Broadband Investment by 500% to Reach 70% Penetration by 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.