In a country where a large portion of the population still relies on cash and informal lending, Khazna is rewriting the rules of financial access. Founded in 2019, this fintech startup recognized that many Egyptians—especially low- and middle-income workers—struggle to open traditional bank accounts or receive payments in U.S. dollars. With a mission to empower those who have been left behind by conventional banking, Khazna is transforming the financial landscape.

From Corporate Challenges to Real-World Impact

When Khazna launched, its founders, led by CEO Omar Saleh, initially set out to help foreign companies pay African employees in compliance with local regulations. However, they soon discovered that the real challenge lay with the individuals who needed to receive those payments. In a country where even a five-day payment delay can disrupt lives, Khazna pivoted its focus to address the needs of freelancers and gig workers.

“We realized that for many in Nigeria or Kenya—and for our own market in Egypt—the delays and hurdles in receiving international payments were not just inconvenient; they were critical issues that affected daily life,” explains Saleh.

This insight led to the development of Geegpay, a retail product that provides virtual accounts in USD, GBP, and EUR. With Geegpay, users can manage multi-currency wallets and access virtual and physical debit cards, effectively bridging the gap between global payments and local needs.

Strategic Innovation and Expanding Horizons

Khazna’s journey is a story of strategic pivots and shared opportunities. Initially targeting an employer-of-record (EOR) model, the company quickly shifted focus after realizing that individual workers were its most pressing customers. Today, Khazna serves over 500,000 users—half of whom receive their payroll directly through its platform, enabling seamless integration of loans and insurance. The remaining users, including gig workers and pensioners, benefit from the startup’s lending services—a core product that recently drove the fintech to break even.

But Khazna’s ambitions stretch far beyond Egypt’s borders. With nearly three million Egyptians living in Saudi Arabia, Saleh sees enormous potential in the Egypt-Saudi remittance corridor. Plans are underway to expand into the Saudi market, offering not only personal accounts but also fixed bank accounts for businesses. This dual focus on both individuals and enterprises is set to redefine cross-border financial services in the region.

To support these expansion plans, Khazna recently secured $16 million in pre-Series B funding—an investment that, together with previous rounds, has brought its total funding to over $63 million. This latest boost will fuel product development, strategic hiring, and the pursuit of a digital banking license from Egypt’s Central Bank, a move that promises to lower borrowing costs and unlock even greater growth.

Shared Opportunities in a Transforming Market

Khazna’s story is also one of resilience in the face of macroeconomic challenges. Over the past few years, Egypt has experienced currency devaluations and economic instability, making fundraising difficult. However, recent economic reforms and an influx of over $50 billion in foreign direct investment have reignited investor confidence. Global and regional firms—such as QED Investors, Quona, Speedinvest, and several Pan-African VC funds—are now betting on Khazna’s vision, underscoring the shared opportunity of transforming financial services in Africa.

Looking ahead, Khazna is not just aiming to serve more users; it’s targeting a 25% market share of an industry that has long been dominated by legacy systems. With a robust strategy, a clear vision, and the support of a growing investor network, Khazna is poised to become a true catalyst for economic empowerment in Egypt and beyond.