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Most of Egypt’s population has no access to traditional banking, which has to force many to make many cash transactions and informal lending. KhachnaFounded in 2019, the beginning of Fintech offers appropriate financial services for low and medium-income employees, solves this issue. The company helps solutions such as salary advances, digital payments and micro-debts and help employees and contractors.
The Kazza recently brought over $ 63 million in total financing and provided $ 16 million before a number of B to Bway. Egypt will support investment expansion plans as they prepare for a digital banking license and prepare to expand in Saudi Arabia.
When we cover the Fintech in 2022, this had just earned $ 38 million A series with more than 150,000 clients along the products. Today, the Kazna user base has grown to more than 500,000 people; This figure is what he has targeted twice because of the end of 2022.
The company focuses on the minimum wage employees who earn three times less than the minimum wage, provide them with favorable financial means. 100 Mi is a source through the Kazna, which allows the user to direct financial services directly to salary accounts such as the company’s salary and insurance.
The remaining 400,000 users offer Kazna credit services, Gig employees and help to receive credit for pensioners. CEO Omar Saleh explained that the company first focuses on credit and retirement lending, which supports the salary that contributes to his break last month.
“Over the past two and a half years, our ownership and retirement recipients and canned workers have offered a loan to pensioners and” co-founder and CEO Omar Saleh “.” This is the most profitable and basic product in our journey and to obtain a basic product It was very important, because this helped us to strike the profitability. “
On the way to become a digital bank
Khazna, Bill pays other services such as payments, buy now, then, health insurance and rental product. However, by placing themselves and debt by both wages and loans, it is strategically to become a full-fledged digital bank for the underweight communities.
But there is a lack of things: Unlike traditional banks, as many Fintech in Egypt, to enter Customer Deposits, such as Fintech, and expensive to finance loans. So far, Kazna is obliged to finance Credit Operations (USD) and Egypt Pound (EGP) (EGP).
To reduce debt costs and offer more affordable loans, now employs the Kazna to get a deposit license in Egypt. This license would allow the beginning to accept customer deposits, which allows you to reduce the value of these funds.
“Here the biggest game change is for us to get access to user savings. There is a great opportunity to gain some of this market in this market in a position that will put it more attractive than today,” he said.
Khazna targeted the bank’s license from the Egyptian Central Bank in July 2026 in 2026 to ensure the bank license.
Six-year-old Fintech is also appointing to see the sights on Saudi Arabia, where the consumer demand is increasing in financial solutions. Unlike BNPP players Barrier and TamaraThe short-term BNPL loan hopes to distinguish itself with medium-term loan products such as Kazna, wage, wage supported credit and pension-based loans.
Expanding plans including non-inevitable IPO
Another reason for Khazna is prioritizing Saudi, Egypt and righteous notes are strong. Three million Egyptian-Saudi Camiterance Corridor living in Saudi Arabia, combining loan-igniting victims with foreign currency (FX) solutions, the world is one of the largest in the world, which offers financial services on the border.
According to Saleh, the capital markets of Saudi Arabia are a driver in the Kazan decision, outside the market size and product. Tadawul is one of the most liquid and retail investor stock exchanges in the region, where several IPOs launched several IPOs in the past few years.
For this reason, Khazna will be awarded 40-50% of Saudi in the next four years and Tadawul. Saleh says that the company supports early four to five years, it says a highly valuable way for a highly valuable exit.
Of course, Khazna will finance this expansion with a recent growth capital. However, in the last two years, macroeconomic problems in Egypt have found a hand in a previous structure of this previous B.
Meeting in Egypt, currency devaluation and economic instability between 2022 and 2023, the most difficult for beginners and enterprises. The total slowdown of the bargain flows reflected it because investors have taken a careful approach to Egypt’s beginnings. However, 2024, after economic reforms, the foreign direct investment (FDI) flowing to Egypt (FDI) has brought a large turn of more than $ 50 billion. As a result, the investor brought the renewed interest in global and regional investors.
Thus, Khazna welcomed the participation of new and existing investors, including Quona and SpeedInvest, as well as regional financial institutions and investment companies operated by the Anb Seed Fund (managed by the Anb capital), Anb Capital. Saudi Arabia’s goal), Tibas enterprises (Turkey’s ISBANK’s enterprise capital), Khwarismi enterprises, NCLEDE (Fintech Foundation built by Egyptian national banks) and ICU enterprises.
