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Egypt’s Khazna banks $16M for its financial super app and expansion into Saudi
Khazna, a financial super app for underserved communities in Egypt, raises $16 million pre-Series B bringing its total funding to $63 million.
“What we did over the last two and half years was to focus on our core product, which is credit offering to payroll and pension recipients and also unsecured loans to gig workers,” co-founder and CEO Omar Saleh told TechCrunch on a call. But one thing is missing: unlike traditional banks, Khazna, like many fintechs in Egypt, doesn’t have access to customer deposits, making it expensive to fund loans. But 2024 brought a major shift, with over $50 billion in foreign direct investment (FDI) flowing into Egypt following economic reforms and a more flexible exchange rate.
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