Egyptian fintech app Khanza gets $38 million

ByLance T. Lee

Mar 31, 2022

Khazna, a FinTech app aimed at helping unbanked/underbanked Egyptian residents, raised $38m in equity in a Series A funding round.

As The National reported Thursday, March 31, the funding round was led by Quona Capital, with Nclude, the new $85 million fund backed by Egypt’s three largest banks.

Read more: National Bank of Egypt and others launch Nclude venture capital fund for young innovators

Founded in 2019, Khazna offers digitized cash transactions, aimed at people in Egypt who do not have access to traditional financial services. The Company’s products include general credit, payday advances, buy it now, pay later (BNPL) and bill payments.

“We are very proud of the investments we have,” Khazna CEO and co-founder Omar Saleh said in an interview with The National. “It’s a mix of leading global FinTech investors, such as Quona Capital and Speedinvest, as well as some of the strongest national and local private banks.”

The Nclude fund made its debut last week, overseen by Bank Misr, National Bank of Egypt and Bank of Cairo, in partnership with venture capital firm Global Ventures.

Read more: Egypt FinTech Rewards App Lucky Grabs $25M in Series A Funding Round

As reported by PYMNTS, the fund focuses on FinTech startups in the Middle East and Africa, with the aim of supporting young innovators looking to strengthen Egypt’s economy, while improving financial inclusion.

The fund also backed a $25 million Series A round by Lucky, an Egyptian cashback rewards app that said it would use its new capital to improve its credit capabilities as Egyptian consumers become more educated and experienced in the use of credit.

Nclude says it has also helped fund the agri-FinTech platform Mozare3 and Paymob, a digital payment service provider.

Egypt, which recorded 176% year-on-year growth in its venture capital sector last year, recently launched a $50 million venture capital program backed by the Bank world.

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