Khazna, a leading regional platform specializing in providing digital financial services to the underbanked population, including individuals and micro-enterprises, has established its commercial entity in Saudi Arabia, in alliance with Khwarizmi Ventures (KV).
Amid intense efforts to replace informal cash alternatives in the region, Khazna is pushing forward with an innovative business model that offers digital solutions. Launched in 2020, Khazna aims to enhance the financial well-being of a large segment of the underbanked in the Middle East, presenting new financial solutions for Egyptians with limited banking access.
In partnership with KV, a Saudi funding foundation investing in early-stage startups in the Middle East and North Africa and backed by prominent private investors and family funding offices, Khazna will commence operations upon obtaining the necessary licenses from regulatory authorities.
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Khazna’s expansion comes as it seeks to supplant unofficial cash alternatives with a digital solution leveraging an innovative business model. The company has achieved significant success in Egypt, partnering with over 300 major companies and reaching more than 500,000 users to date. Additionally, Khazna raised $30 million in its early funding rounds from global investors including Quona Capital and Speedinvest, along with a credit facility from Lendable.
Through Khazna’s partnership in Saudi Arabia with Khwarizmi Ventures, Dr. Ibrahim Almojel will serve as the non-executive Chairman of the Board. He expressed his belief in the company’s potential to expand not only into one of the largest markets in the region, Saudi Arabia, but beyond, due to Khazna’s unique management team and exceptional in-house technical capabilities.
Moreover, Mr. Mohamed bin Abdullah AlYousef has been appointed as a founding partner and CEO of Khazna in Saudi Arabia. He is enthusiastic about joining Khazna in supporting financial inclusion in line with the Saudi Financial Sector Development Program, a part of Vision 2030. He was attracted to Khazna by its unique business model and the team’s extensive experience.
Omar Saleh, co-founder and CEO of Khazna Holding, stated that following their profitable model in Egypt, the focus is now on Saudi Arabia, the largest economy in the region and currently the most attractive market. He also mentioned that incorporating fintech strategies into the Financial Sector Development Program as part of Vision 2030 positions Saudi Arabia as an anticipated global hub for financial technology.
