Egyptian fintech Khazna has raised seed funding in a round led by leading Egyptian venture capital (VC) fund Algebra Ventures.
Tech publication MenaBytes reported in an article on Sunday (8 March) that the startup did not disclose the size of the investment. It said Accion Venture Lab, Accion’s seed-stage fund, also participated in the round.
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According to its LinkedIn page, the startup was founded in April last year by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy and Omar Salah.
Fintech Khazna aims to provide mobile banking services to over 20 million underbanked Egyptians
The startup aims to provide mobile banking services to what it says is over 20 million Egyptians who have little access to formal financial services.
MenaBytes reported that its first product is Khazna HR, an app that allows employers to offer cash advance to their employees to help them cover unforeseen emergencies.
Featured image: Khazna via Facebook
