Fintech startup Khazna closed a USD 16 mn in a pre-Series B round, it announced in a press release yesterday. The round saw participation from SANAD Fund for MSME, Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona Capital, Speedinvest, and DisrupTech Ventures.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Where’s the money going? The company will use the fresh funds to continue its growth journey — it will apply for a digital banking license and further its footprint in the Saudi market. The startup expanded into Saudi Arabia last year in partnership with Khwarizmi Ventures.

More expansion ahead? “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,” CEO Omar Saleh said.

What they said: “Closing this funding round is a pivotal achievement for Khazna’s team. This not only propels our core business but also empowers us to accelerate our mission of advancing financial inclusion across the MENA region,” Saleh said.

Want more? We spoke to CTO and co-founder Ahmed Wagueeh back in 2022 for our Founder of the Week column. Check out the interview here.

Tags: