In a country where 50% of its 100 million people are active smartphone users, two out of three Egyptians have little or no access to formal financial services.
As banks go to great lengths to expand financial services to the underserved and unbanked across the North African country, start-ups are also playing a role. One such provider is the Cairo Treasury, a self-proclaimed “financial super app” that has raised $38 million in Series A debt and equity.The company has received a total of $47 million since then. Start offI
Founded in 2019 by Omar Sela, Ahmed Wagih, Fatima Al Shenawi and Omar Salah, the company provides basic banking and various financial services aimed at middle and low income people.
The entry-level product was launched in 2020 as a revenue product. Called Treasury HR, this product allows partner employers to give some or all of the cash advances to their employees.
Access to earned wages is generating significant investor interest in several emerging markets such as India, Nigeria and Indonesia, where startups are helping workers — whites and laborers — access their wages in real time. It is part of the financial inclusion game that relieves these consumers of the stress of running out of money or borrowing money from predatory lenders.I
Some of these providers such as Refine, Arnipay, Salary And NowPay, another Egyptian platform, offers it as a standalone service. but for the treasure it is Right now One of the many services sold to consumers. After securing an undisclosed seed round that lowers a fixed stake of $8 million to $9 million, Treasury added offers such as Buy Now, Pay Later, Pay By Account, and a prepaid debit card. Similar providers in Egypt are Telda and Sympl.
“We are much more like a super app than a digital bank because we, About For financial services launched Various Non-financial services are also available on the app,” the CEO of Sela said when asked if Khazna is another digital bank.
“How to produce” developed And the merchants we partner with are tailored to the needs and interests of low- and middle-income users in Egypt.”
The CEO said that Khazana’s BNPL service is available at 1,000 retail stores across the country. He also added that the platform has 150,000 users of all products. Hazana launch plan as good as production at the end of the year; Sela pointed to product expansion and user growth when asked how Treasure stays ahead of the competition.
Meanwhile, the highlight of Hazna’s journey is her commitment to financial inclusion and following the Central Bank of Egypt’s (CBE) “less cash” scheme. But that is not all. The startup will try to use the bank’s infrastructure for several services under development, according to the CEO.
“we aligned At the core of CBE and Khazna is the belief that world-class financial services should be accessible to all.i they start Various An initiative that we are part of, which also includes an instant payment network, where we will provide a range of services such as instant payments through this infrastructure.
The Egyptian startup has a 70-person team that includes former executives from WorldRemit, Uber, Jumia and Match Group. The startup’s next goal is to increase the number of Egyptians using its financial super app to 1 million by the end of 2022, Sela said.I
It will depend on this recent funding led by Kona Capital to be done on this front. Treasurer, B2B e-commerce company Capiter. Investor tests Egyptian startups after second hitI
EnCloud (a venture fund created by three Egyptian banks and Dubai-based Global Ventures), SpeedInvest, Khwarizmi Ventures, Algebra Ventures, Axion Venture Lab and DisruptTech and others participated in the round.
“IN Right now Two years later, Khazana expanded and made money Fast and is already a leader in providing financial inclusion to Egypt’s 35 million unbanked residents,” Kona co-founder and managing partner Monica Brand Engel said in a statement.
“By providing consumers and micro-businesses with a convenient, user-centric and transparent Khazna financial super app, millions of people across Egypt will be in better control of their financial lives. Quona Incredible Excited about Khazna’s plans to become Egypt’s leading digital super app for inclusive finance.
Emerging market lender Landable provided debt financing to the company. Arab Bank of Egypt it was said To facilitate credit transactions between two parties as a “Securing Agent”.