Egypt’s Khazna to Apply for Banking License After Securing $16 Million in Pre-Series B

Fintech Firm Aims for Digital Banking Expansion in MENA Region

Highlights:

1. Significant Funding: Khazna secures $16 million in pre-Series B funding.
2. Digital Banking License: Plans to apply for a banking license in Egypt.
3. Regional Expansion: Expansion plans into Saudi Arabia and the MENA region.

Summarized Story: Egypt-based fintech Khazna has raised $16 million in a pre-Series B funding round to support its application for a digital banking license in Egypt and its expansion into the MENA region. The funding round saw participation from new and existing investors, including SANAD Fund for MSME, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest, and Disruptech Ventures.

Khazna aims to become a digital bank by securing a deposit-taking license and expanding its financial services, such as loans and insurance, to underserved segments in the region. CEO Omar Saleh stated that this funding round is a pivotal achievement that will propel Khazna’s mission of advancing financial inclusion across the MENA region.