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Cairo – Egypt-based fintech Khazna has closed a $16 million pre-Series B funding round to fuel its growth by applying for a digital banking license in Egypt and expanding into the Saudi market.
The fundraising transaction was led by SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest and Disruptech Ventures, according to a press release.
Khazna's expansion into Saudi Arabia will involve strategic partnerships to ensure a tailored approach that meets the specific needs of its target user base.
In line with the Saudi Vision 2030, the Kingdom has witnessed digital economy growth and attracted key financial technology innovators.
Omar Saleh, CEO of Khazna, stated: "This not only propels our core business but also empowers us to accelerate our mission of advancing financial inclusion across the MENA region.”
“Khazna’s entry into Saudi Arabia marks the beginning of a new chapter. and we are committed to delivering an unparalleled digital user experience across the region," Saleh added.
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