In collaboration with Khwarizmi Ventures (KV), a Saudi venture capital fund that supports early-stage startups in the MENAP region with the support of well-known private investors and family offices, Khazna, a regional provider of financial technology services to underserved consumers and microbusinesses, announced today that it has opened an office in Saudi Arabia.
After receiving the necessary license, Khazna is expanding as it steps up its efforts to displace unofficial, cash-driven alternatives throughout the region by combining a cutting-edge business plan with a digital native solution. In Egypt, Khazna has had enormous success, gaining more than 500K end users and 300+ commercial partners thus far. Together with a credit facility from Lendable, the company has secured $30 million in equity funding from international investors, such as Quona Capital and Speedinvest.
In line with the establishment of Khazna KSA in partnership with KV, Dr. Ibrahim Almojel will serve as its inaugural non-executive chairman of the board. Dr. Ibrahim Almojel commented, “We have been an early-stage investor in Khazna, and we remain a firm believer in the company’s ability to expand into the region’s largest market, Saudi Arabia, and beyond. Differentiated by its unique management team and in-house technology capabilities, Khazna has what it takes to become a regional powerhouse.”
Furthermore, Mohammad Alyousef is appointed as co-founder and CEO of Khazna’s operation in the Kingdom. Commenting on the appointment, Alyousef said, “I am glad to join Khazna in Saudi Arabia, as it aims to participate in boosting financial inclusion in Saudi Arabia, which is part of the Financial Development Program, Vision 2030. I worked closely with many fintechs; however, what attracted me the most was Khazna’s unique business model and its robust team.”
Commenting on this announcement, Omar Saleh, co-founder and CEO of Khazna Holding, said, “Following our success in reaching a profitable scale in Egypt, we are now focused on Saudi Arabia, the region’s largest economy and most attractive market. Adding Fintech strategy to the Financial Sector Development Program as part of Vision 2030 positions Saudi Arabia as one of the potential global Fintech hubs.”
