AI
Saudi Arabia
UAE
EgyptEgypt’s Khazna Secures $16M to Expand into Saudi Arabia and Pursue Digital Banking License
2 min
Khazna raises $16 million in pre-Series B funding from regional and global investors.
Expansion into Saudi Arabia, targeting the large Egyptian expatriate community.
Focus on payroll-backed lending, pension-based credit, and earned wage access (EWA) rather than traditional BNPL services.
Plans to obtain a digital banking license in Egypt to expand its financial services.
Considering an IPO on Saudi’s Tadawul stock exchange within the next four years.
Egyptian fintech startup Khazna is making bold moves in the financial technology sector, securing $16 million in pre-Series B funding as it looks to expand into Saudi Arabia and deepen its presence in Egypt. The funding round attracted investments from a mix of global and regional investors, including Quona, Speedinvest, Aljazira Capital, anb Seed Fund, DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund.
Founded in 2019 by Omar Saleh, Khazna focuses on providing financial solutions for low- and middle-income workers, including salary advances, microloans, and digital payments. Unlike Buy Now, Pay Later (BNPL) players, Khazna differentiates itself with a payroll-backed lending model, offering pension-based credit and earned wage access (EWA) to make financial services more accessible.
With nearly three million Egyptians living in Saudi Arabia, the company sees a strong opportunity in cross-border financial services, particularly in remittance flows and payroll-based lending. This move aligns with Saudi Arabia’s broader Vision 2030 strategy, which aims to develop the financial sector and boost fintech innovation.
Meanwhile, back in Egypt, Khazna is pushing to obtain a digital banking license—a move that could significantly lower its cost of funding by giving it access to customer deposits. This would allow the company to expand its offerings and compete more effectively in Egypt’s growing fintech ecosystem.
“The biggest game changer here is for us to get access to user deposits,” said Omar Saleh, CEO and co-founder of Khazna. “There’s a huge opportunity for us to capture part of that market in a way that will make our cost of funding much more attractive than it is today.”
Looking ahead, Khazna is also considering an IPO on Saudi Arabia’s Tadawul stock exchange, with the ambitious goal of having nearly half of its business operations in Saudi Arabia within four years. If successful, this expansion could solidify Khazna’s position as a key player in the MENA fintech market, offering innovative financial solutions tailored to a rapidly evolving digital economy.
