Egyptian FinTech app Khazna raised $38 million in equity and debt led by US-based Quona Capital


Egyptian FinTech app Khazna raised $38 million in equity and debt led by US-based Quona Capital, followed by UAE-based Global Ventures’ Nclude, where Austria-based Speedinvest, Saudi Arabia-based Khawarizmi Ventures, US-based Accion Venture Lab, AB Accelerator by Arab Bank, as well as Algebra Ventures, Disruptech and CVentures in Egypt also participated.


Khazna aims to digitise cash transactions and serve Egyptians who do not have access to formal financial services, with 150,000 active users offering products such as general credit, salary advances, buy now pay later (BNPL), and bill payment. The fund will assist it in reaching out to Egypt's unbanked and underbanked population. According to central bank data, Khazna estimates that at least half of Egypt's 70 million adults are either unbanked (have no access to a bank account) or underbanked (have access to only a pre-paid debit card).

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