Khazna, a fintech startup founded in 2019, aims to improve financial access for low- and middle-income workers in Egypt, where many rely on cash transactions. The company offers services such as salary advances, digital payments, and microloans. With $16 million in recent funding, Khazna's total financing exceeds $63 million, supporting its growth and potential digital banking license in Egypt and expansion into Saudi Arabia. Currently serving over 500,000 users, Khazna focuses on workers earning below the minimum wage, integrating access to credit and financial tools via payroll.
"What we did over the last two and half years was to focus on our core product, which is credit offering to payroll and pension recipients and also unsecured loans to gig workers. This is the most profitable and core product in our journey, and getting it right was very important because it has helped us to hit profitability."
"Khazna focuses on workers earning three times less than Egypt's minimum wage, providing them with affordable financial tools. About 100,000 users receive their payroll through Khazna, allowing the company to integrate financial services such as loans and insurance directly into their payroll accounts."
"The investment will support its expansion plans as it prepares to apply for a digital banking license in Egypt and expand into Saudi Arabia."
"Today, Khazna has grown its user base to over 500,000 people; that number is half what it was targeting twice by the end of 2022."
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