African fintech continues its strong growth, attracting over $1 billion in investment in 2024. Investors are drawn to the sector's potential, fueled by the continent's large underbanked population.

Khazna is an Egyptian financial application designed to provide accessible and inclusive services to a broad population. Founded in 2019 by Ahmed Wagueeh, Fatma El Shenawy, Omar Salah, and Omar Saleh, it primarily targets unbanked or underbanked individuals in Egypt, enabling them to manage their finances simply and efficiently.

The app is available on iOS and Android, with over 500,000 downloads according to the Google Play Store. Users can create an account to access salary advances, pay bills directly from their smartphones, and more.

The fintech has also introduced a “Buy Now, Pay Later” (BNPL) option, allowing users to make purchases from various partner merchants and pay in installments with no additional fees. This feature aims to facilitate access to essential goods and services without immediate financial strain.

On Thursday, February 6, the company announced it had successfully raised $16 million in a funding round to support its growth in the local market and expand into Saudi Arabia. This follows the $38 million it secured in 2022.

"Closing this funding round is a pivotal achievement for Khazna’s team. This not only propels our core business but also empowers us to accelerate our mission of advancing financial inclusion across the MENA region. Our entry into Saudi Arabia marks the beginning of a new chapter, and we are committed to delivering an unparalleled digital user experience across the region," said Omar Saleh.

Adoni Conrad Quenum

Editing by Feriol Bewa