Egyptian Fintech Khazna Raises USD 38 Mn Series A Round

Egypt-based fintech Khazna has raised a Series A round of USD 38 Mn in equity and debt, with the equity investment led by Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others. The debt financing was provided by Lendable.

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 new round will allow Khazna to ramp up its efforts to replace informal cash-driven alternatives across Egypt.