Khazna raises $38m to drive growth

Khazna, an Egyptian FinTech app, has received $38 million in equity and debt to help it serve Egypt’s unbanked and underbanked people.

According to the company, Quona Capital led the Series A equity investment round, followed by Global Ventures’ Nclude, a new $85 million FinTech fund backed by Egypt’s three main banks.

Speedinvest from Austria, Khawarizmi Ventures from Saudi Arabia, Accion Venture Lab from the United States, AB Accelerator from Arab Bank, and Algebra Ventures, Disruptech, and CVentures from Egypt were among the other participants.

“We’re very proud of the investments that we have. It’s a mix of global leading FinTech investors, such as Quona Capital and Speedinvest, along with some of the strongest local national and private banks,” Khazna chief executive and co-founder Omar Saleh told The National.

Lendable, which has disbursed more than $225 million to FinTech startups in more than 14 countries, offered debt finance. The transaction was facilitated by Arab Bank Egypt, which served as the security agent.