Egypt-based financial technology (fintech) startup Khazna, has raised an undisclosed amount of seed funding round led by Algebra Ventures, with participation from Accion Venture Lab, Accion’s seed-stage financial inclusion investment initiative. This marks Accion Venture Lab’s first investment in Egypt.
Founded in 2019, Khazna caters to a vast majority of the unbanked customers that have limited access to financial services. The app provides them with a wide range of financial services and products in conjugation with major banking and corporate partners.
"Khazna is focused on bringing customer-centric services to over 20 million active smartphone users in Egypt who lack access to formal banking and financial services,” said Omar Saleh, co-founder and chief executive officer (CEO) at Khazna.
The investment will be put towards expanding the company’s financial inclusion-focused products portfolio, and leveraging new artificial intelligence (AI)-powered and data-driven technologies to serve the unbanked in Egypt.
“We’re seeing the rise of a new wave of Egyptian fintech startups that are attracting interest from local and international investors. We’re excited to be leading this round with Khazna,” said Tarek Assaad, managing partner at Algebra Ventures. “Egypt has made strides in recent years toward greater financial inclusion, but millions of Egyptians still struggle to access the financial services they need to build better lives. Fintech startups like Khazna are uniquely positioned to develop better, faster, safer ways to meet the needs of the underserved,” said Michael Schlein, president and CEO at Accion.