Fintech startup Khazna secures seed funding led by Algebra Ventures
STARTUP WATCH- Khazna secures seed funding led by Algebra Ventures: Egyptian fintech startup Khazna has raised an undisclosed amount of seed funding from a group of investors led by Algebra Ventures, the company said in a statement (pdf). Accion Venture Lab, which had recently secured USD 33 mn in funds for its fintech focused investment platform, also participated in the funding round making its first investment in Egypt.
Khazna is looking to provide online financial services to underbanked Egyptians through their cash advance app, Khazna HR. The Cairo-based startup was founded in 2019 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy and Omar Salah who aim to grow their cash advance service to cover 20 mn Egyptians with limited credit access. The company is currently consulting with banking and corporate partners to help launch other mobile banking products that would provide saving, insurance and payment services in the future.