Egypt’s Khazna expands into Saudi Arabia

Egypt’s Khazna expands into Saudi Arabia

Egypt-based fintech Khazna has expanded its services into Saudi Arabia in partnership with Khwarizmi Ventures.

Launched in 2020 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, Khazna aims to serve underbanked Egyptians who have little access to formal financial services, including general-purpose credit, buy now pay later (BNPL), and bill payment.

The expansion is part of Khazna’s efforts to contribute to turning Saudi Arabia into a cashless society and to provide digital payment solutions.

Press release:

Khazna, a regional financial technology provider that serves underserved consumers and microbusinesses, announced today the establishment of its business in Saudi Arabia in partnership with Khwarizmi Ventures (KV), a Saudi-based venture capital fund investing in early-stage startups in the MENAP region, backed by high-profile private investors and family offices.

This expansion, after acquiring the required license, comes as Khazna ramps up its efforts to replace informal cash-driven alternatives across the region, pairing a digital native solution with an innovative business model. Khazna has achieved massive success in Egypt, landing 300+ commercial partners and acquiring 500K+ end-users to date. The company has raised $30M in equity funding from global investors, including Quona Capital and Speedinvest, and a credit facility from Lendable.

In line with the establishment of Khazna