ImpactAlpha, April 4 — The Central Bank of Egypt, which aims to accelerate the digitalization of the country’s financial sector, has struggled to reach more than 35 million Egyptians without formal financial services and at least 50 million without smartphones.
Cairo-based Khazna is targeting Egypt’s low- to middle-income and underbanked earners. It developed a financial super app that allows employers to offer cash advances to their employees, provides bill payment services, a prepaid debit card and buy now, pay later services for merchants. Khazna has about 150,000 users.
Quona Capital led the company’s $38 million Series A round, with participation from Speedinvest, Accion Venture Lab and Disruptech. Lendable provided debt capital, bringing Khazna’s total raised to $47 million since it launched in 2020.