Khazna to launch SPAC company in 2024; seeks local, international IPOs

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Financial services startup Khazna is planning to establish a special purpose acquisition company (SPAC) in collaboration with international investors in 2024, Khazna’s co-Founder and CEO Omar Saleh told Shorouk News.

The company is also seeking local and international initial public offerings (IPO), Saleh added.

The top official revealed negotiations and primary studies with four public and private banks to offer new fintech services in 2022, including saving, lending, and car loans.

Khazna is discussing partnerships with the four banks to offer the new services, Saleh unveiled, noting that agreements could be reached in 2022.

Saleh said that Khazna is considering the acquisition of three technology companies in the local market, but he did not give more details.

As for partnership with Abu Dhabi Islamic Bank (ADIB) for the issuance of Meeza prepaid cards under the name of “Khazna Meeza”, Saleh revealed that the number of applications for these cards have reached 200,000.

Khazna Meeza cards are still in the trial period, but it will be officially launched in four months, Saleh remarked.

The top official added that the number of cards is set to reach around 500,000 by the end of 2022.

Furthermore, Saleh announced that the company is about to secure a seven-digit US dollar funding which will be used to launch new services and develop the company’s technology infrastructure.

Khazna is seeking to expand abroad for the first time during the first quarter of 2023, with plans to enter one market or more in the Middle East, Africa, or West Asia, Saleh maintained.

Founded in April 2019, Khazna provides access to secure smartphone-based financial services, catering to millions of underbanked Egyptians.