[ad_1]
A large part of the Egyptian people who do not have access to a traditional bank, force many to rely on money transactions and informal loan. Khazna, the first start of the founded year in 2019, to address this issue by providing financial services for low-income and within. The company provides solutions such as the progress of income, digital payments, and microloans to assist workers and contractors to access the most needed financial services.
Khazzna has just been protected for $ 16 million in the pre-series B support, which brings its complete amount to $ 63 million. Investment will support its expansion plans as preparing to apply for a digital bank license and increase Saudi Arabia.
When we covered the Fintech in 2022, he simply lifted up the previous $ 38 million with more than 150,000 customers in their products. Today, Khazza has grown its users’ foundation for more than 500,000 people; That number was half the case twice by the end of 2022, according to everything was stolen then.
The company focuses on employees who receive three times under Egypt’s low income, provides them with a cost-effective financial instruments. About 100,000 users get their payment through Khazna, allows the company to include financial services such as loans and insurance directly to their payments.
For 400,000 remaining users, Khazna provides services for lending services, to help GIG workers and pensions reach the credit. The CEO Omar Saleh explained that the company originally focused on the credit funded and pension, contributing to its progress – even last month.
“During the past and the past two years was a focus on the unpredictable rights and loan for Gig employees,” the Founder and CEO Omar Saleh told TechCrunch by telephone. “This is a profitable and basic product on our journey, and it is well that it was very important because it helped us to make profits.”
In the way to become digital bank
Khazna provides other services such as Bill, Buy Now, Pay Over time, medical insurance, and Rent product. But by devotion to pay for both and borrowing, it moves forward to becoming a full bank of societies full of Egypt.
But one thing is lost: Unlike traditional banks, Khazna, such as many lessons in Egypt, has no access to the customers’ deposits, which makes it more appealing to support loans. To date, Khazna relies on sale of sale in the dollars (USD) and an Egyptian pound (EGP) to support its loan functions.
To reduce borrowing costs and provide more loan, Khazna is now valid for a deposit of a deposit of Egypt. This license would allow to start accepting deposits of customers, allowing to reduce its coins.
“The Changer Changer’s Changes here for us to access the user’s deposit deposits. There is a good opportunity for us to hold our financing expenses, and in the end, that will include it in a very defined state,” he said.
Khazza focuses on mid-2026 to protect a bank license from the center bank of Egypt, which placed its digital bank controlling framework on July 2024.
But as Six-year-old Finch was first of this process, putting together on Saudi Arabia, where there is a growing need for consumers. Unlike BNPL players such as Tabby and Tamara, concentrated in short BNPL debt, Khazna has the prospect of separating the timetable products such as Refed Wage Access (ewa) Money Support, and Pension.
Expansion Programs, including an unpleasant IPO
Another Khazza prioritizes its solid and Egyptian connection, Saluh Notes. For nearly three million Egyptians who live in Saudi, Egypt-Saudi Remitrance Corridor is one of the largest financial services, including Creeded Solutions (FX) Solutions.
Without market size and Fit Fit, the major Saudi Arabian markets are also a driver in Khazna’s decision, according to Saleh. Tadowul is one of the replacement of liquid stocks and funds caused by the sale of sale, which launches the IPOs many years ago.
As a result, the Khazna planning to have 40-50% of their business from Saudi in the next four years, making it better for the public list in Tadalu. For the first paragraph investors in the company to four to five years, Saleh says this gives a clear path.
Indeed, Khazza will support this expansion with newly raised. However, the challenges of macroenconominionomic in Egypt two years ago had a supporting for the pre-series B round.
Between 2022 and 2023, Egypt experienced decorations and economic conduct, making gathering money more difficult at first beginning to enter. The complete complete flow of trial is indicated by this, as investors take the Egyptian Startup Objectives. But 2024 brought a big change, with $ 50 billion in the outer investment (FDI) flowing to the following economic changes and variable rate. As a result, investor’s confidence returned, brought an interested interest in international and regional investors.
Therefore, Khazna welcomes participation in new investors, including international investors such as Quoman and Speedvest Centers, and Anb Capital), the capital of Albasira (investment of the bank of the Bank Bank The Saudi Arabia, Tibas entry (sorn of Turkish capital), Khwarizmi Dihundus, the Fundech bag established by the national banks) and ICU.
