Egypt’s Khazna banks $16M for its financial super app and expansion into Saudi
- Khazna raised $16 million in pre-Series B funding.
- User base grew from 150,000 to over 500,000 in less than a year.
- Khazna focuses on low-income workers earning three times less than Egypt’s minimum wage.
Khazna's innovative approach to financial services for underserved populations in Egypt and its strategic expansion plans into Saudi Arabia highlight the potential for fintech solutions to transform access to banking. However, the reliance on external funding and the challenges of obtaining a deposit-taking license could pose risks to its growth trajectory. The company's success will depend on its ability to navigate regulatory hurdles and maintain investor confidence amidst economic fluctuations.
