Egyptian super-app Khazna secures $38m Series A round
Cairo-based financial super-app Khazna, geared towards Egypt’s underserved consumers and micro-businesses, has raised $38 million in a Series A equity and debt round.
Khazna has raised a total of $47 million to date
The equity investment was led by Quona Capital and saw participation from Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank and CVentures, among others.
The debt financing was provided by Lendable. Arab Bank was appointed as the security agent to facilitate Khazna’s debt facility from Lendable.
“Supporting Khazna was a natural step for Arab Bank as a strategic investor to facilitate the company’s growth,” says Ahmed Ismail Hassan, Arab Bank Egypt’s country manager.
Khazna has now raised a total of $47 million to date.
The burgeoning super-app launched in 2020 with an earned wage access product but now offers a general purpose credit product, buy now, pay later (BNPL) and a bill payment solution.
Khazna caters to the 50% of Egyptians who own a smartphone but lack access to formal financial services.
The company says its vision is to digitise cash transactions across Egypt, in response to the Central Bank of Egypt’s (CBE) recent push for financial inclusion and a “less-cash” framework.
