EGYPT – Cairo-based fintech Khazna has raised seed funding to enable it offer “customer-centric services” to over 20 million active smartphone users in Egypt who lack access to formal banking and financial services.
Founded last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy, and Omar Salah, Khazna aims to provide mobile financial services to over 20 million underbanked Egyptian.
Khazna says these target population actively uses smartphones but have little access to formal financial services.
The fintech’s first product is Khazna HR, a salary cash advance app that allows employers (who partner with it) to offer cash advance to their employees as a benefit, helping them to cover for unforeseen emergencies.
The fintech however says that the salary advance is the first of many services that it is currently working on.
It said it was working with major banking and corporate partners to launch different products that will allow users to pay, save, borrow and insure with minimal face-to-face or phone interaction.
“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,” Tarek Assaad, Managing Partner with Algebra Ventures, said.