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Egyptian Fintech Khazna Receives CBE Approval for New ‘Khazna Card’

The milestone moment comes just two months after the Cairo-based outfit raises a Series A round worth $38 million.

Egyptian fintech startup, Khazna, will imminently and finally launch its new Khazna Card in collaboration with ADIB Egypt, after receiving approval from the Central Bank of Egypt. 

The news comes after the ‘financial super app’ raised a $38 million Series A round in equity and debt in March of this year, as it continues to spread its fintech products across Egypt. The equity side of the investment was led by US-based impact investor, Quona Capital, with participation from recently launched fund, Nclude by Global Ventures, Austria’s Speedinvest, KSA’s Khwarizmi Ventures and Egypt’s Algebra Venture, as well as Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank and CVentures.

Founded in 2020 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy and Omar Salah, the Cairo-based startup aims to cater to the 35 million underbanked Egyptians by providing online financial services for users who do not regularly have access to formal banking services - but do have access to smartphones. Their main concept is to give users the opportunity to pay, save, borrow and insure, in many cases, eliminating the need to physically go to the bank.

“The unprecedented evolution of Egypt’s nascent fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a less-cash society,” said co-founder and CEO, Omar Saleh. “We are aligned with CBE’s vision and Khazna at its core believes that world-class financial services should be available to all. We are combining cutting-edge technology and relentless user obsession to build the best experience for our users. We continue to experience exponential growth in network effects created by our 150k+ active users, our partners, and Egypt’s largest merchants.”

The startup’s first product was Khazna HR, which offers a salary cash advance option for employers that can be activated for employee emergencies, while in 2021, the startup launched a first-of-its-kinds prepaid card will offer users 24/7 access to their wages, feeding into the ultimate goal of moving towards a cashless society.