Khazna, a FinTech app aimed at helping Egypt’s unbanked/underbanked residents, has raised $38 million in debt equity in a Series A funding round.
As The National reported Thursday (March 31), the funding round was led by Quona Capital, along with Nclude, the new $85 million fund backed by the three largest banks in Egypt.
Read more: National Bank of Egypt, Others Launch Nclude Venture Fund Aimed at Young Innovators
Founded in 2019, Khazna offers digitized cash transactions, catering to people in Egypt who have no access to traditional financial services. The company’s products include general credit, salary advances, buy now pay later (BNPL) and bill payments.
“We’re very proud of the investments that we have,” Khazna CEO and Co-founder Omar Saleh said in an interview with The National. “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.”
The Nclude fund debuted last week, overseen by Banque Misr, National Bank of Egypt and Banque du Caire, in partnership with venture capital firm Global Ventures.
Read more: Egypt FinTech Rewards App Lucky Grabs $25M in Series A Funding Round
As PYMNTS reported, the fund focuses on FinTech startups in the Middle East and Africa, with the goal of supporting young innovators who are looking at bolstering the Egyptian economy, while also improving financial inclusion.
The fund also backed a $25 million Series A round by Lucky, an Egyptian cashback rewards app that said it will use its new capital to improve its credit capabilities as consumers in Egypt become more educated and experienced with using credit.
Nclude says it has also helped fund the agri-FinTech platform Mozare3 and Paymob, a digital payment service provider.
Egypt, which saw 176% year-over-year growth in its venture capital sector last year, recently launched a $50 million VC program backed by the World Bank.
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