Egypt’s financial landscape is evolving rapidly, and Khazna is at the forefront of this transformation. Founded in 2019, the fintech startup has made a name for itself by addressing a critical gap in the country’s financial system: the lack of access to traditional banking services for low- and middle-income earners.
For millions of Egyptians, banking remains a luxury, forcing many to rely on cash transactions and informal lending. Khazna is stepping in with innovative financial products such as salary advances, digital payments, and microloans, designed to make financial services more accessible and affordable. And with $16 million in fresh pre-Series B funding, the company is gearing up for a major expansion—both within Egypt and into Saudi Arabia.
A Fintech on the Rise: Khazna’s Growth and Impact
When Khazna first gained traction in 2022, it had 150,000 users across its services. Fast forward to 2024, and that number has skyrocketed to over 500,000, a testament to its growing role in Egypt’s financial ecosystem.
A key focus for the company has been payroll-based lending, allowing businesses to integrate financial services directly into employee salaries. Today, 100,000 users receive their payroll through Khazna, making it easier to offer them additional services like loans, insurance, and credit access.
The remaining 400,000 users, including gig workers and pensioners, benefit from Khazna’s unsecured lending solutions, filling a critical gap in a market where many struggle to access affordable credit.
According to CEO Omar Saleh, this strategy has been pivotal in achieving profitability:
“Focusing on payroll-backed credit and pension lending was essential. It’s our most profitable product, and getting it right helped us break even.”
Related story: Egypt’s Leading Financial App Khazna Secures $38 million Series A round Led by Quona Capital
The Bigger Picture: Becoming Egypt’s First Digital Bank?
Khazna isn’t just another fintech—it has ambitions to become a full-fledged digital bank. The company already offers a range of services, including bill payments, buy now pay later (BNPL), medical insurance, and rent-to-own options.
But there’s a challenge: unlike traditional banks, Khazna does not have access to customer deposits, making it expensive to fund loans. To address this, the company is now working towards securing a deposit-taking license from Egypt’s Central Bank, expected by mid-2026.
“The biggest game-changer for us is gaining access to user deposits,” Saleh explains. “It would lower our borrowing costs and allow us to offer even more affordable loans.”
With this move, Khazna could redefine banking for Egypt’s underserved communities, providing financial tools that were previously out of reach.
Saudi Expansion and the Road to IPO
While Khazna continues to strengthen its position in Egypt, it is also setting its sights on Saudi Arabia—a market with a strong demand for consumer finance solutions.
Unlike BNPL-focused players like Tabby and Tamara, Khazna is differentiating itself with medium-term credit products, including earned wage access (EWA), payroll-backed lending, and pension-based credit.
There’s another key reason for prioritizing Saudi Arabia: remittances. With nearly three million Egyptians living in Saudi, the Egypt-Saudi remittance corridor presents a unique opportunity for cross-border financial services.
Additionally, Saudi’s Tadawul stock exchange is one of the most liquid and retail-driven markets in the region, making it an attractive destination for a future IPO.
“We plan for 40-50% of our business to come from Saudi in the next four years, positioning us for a public listing,” Saleh shared.
For early investors, this means a clear pathway to exit, further cementing confidence in Khazna’s long-term potential.
Investor Confidence Returns Amid Economic Reforms
Khazna’s recent funding round comes at a time when Egypt’s macroeconomic landscape is shifting. Between 2022 and 2023, startups struggled due to currency devaluation and economic instability, making fundraising difficult.
However, 2024 has brought renewed optimism, with over $50 billion in foreign direct investment (FDI) flowing into Egypt following economic reforms. This shift has encouraged global and regional investors to take a fresh look at the Egyptian fintech scene.
Khazna’s pre-Series B round saw participation from an impressive mix of investors, including:
✅ Quona and Speedinvest (global investors)
✅ SANAD Fund for MSME and anb Seed Fund (regional financial institutions)
✅ Aljazira Capital (Saudi-based investment arm of Bank Aljazira)
✅ Tibas Ventures (venture arm of İşbank, Turkey)
✅ Khwarizmi Ventures and Nclude (fintech-focused investment funds)
With backing from some of the world’s top investors, Khazna is well-positioned for its next growth phase.