Khazna raises USD 16 million to become a digital bank in Saudi Arabia

The fundraising was led by SANAD Fund for MSME, Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest, and Disruptech Ventures. The funding brings Khazna’s total funding to over USD 63 million.

Supporting the underserved communities of Egypt

A large portion of Egypt’s population lacks access to traditional banking, forcing many to rely on cash transactions and informal lending.

Khazna aims to tackle this challenge by expanding into the Saudi Arabia region and entering partnerships that ensure a tailored approach which meets the needs of its target user base, which are workers who earn less than Egypt’s minimum wage. This not only supports the company’s business but also leads it to sustain its mission of advancing financial inclusion across the MENA region.

Khazna provides other services, like bill payments, BNPL, medical insurance, and a rent-to-own product. By embedding itself into both payroll and lending, it is moving toward becoming a full-fledged digital bank for Egypt’s underserved communities. Khazna is targeting mid-2026 to secure the banking licence from Egypt’s Central Bank, which laid out its regulatory framework for digital banks in July 2024.

This market expansion falls in line with Saudi Vision 2030, with the country witnessing digital economy growth and aiming to attract fintech innovators. Saudi Vision 2030 is a government programme launched by Saudi Arabia which aims to achieve the goal of increased diversification economically, socially, and culturally. It was first announced on 25 April 2016 by the Saudi government.

The vision has three main pillars, to make the country the ‘heart of the Arab and Islamic worlds’, to become a global investment powerhouse, and to transform the country's location into a hub connecting Afro-Eurasia. According to data from Statista, net interest income in the country’s digital banking sector is projected to reach USD 8.25 billion in 2025.