Khazna joins forces with Khwarizmi Ventures in Saudi Arabia with Dr Ibrahim Almojel as Chairman of the Board

Riyadh 29 Feb 2024:

Khazna, a regional financial technology provider that serves underserved consumers and micro-businesses, announced today the establishment of its business in Saudi Arabia in partnership with Khwarizmi Ventures (KV), a Saudi-based Venture Capital fund investing in early-stage startups in the MENAP region, backed by high-profile private investors and family offices.

This expansion, after acquiring the required license, comes as Khazna ramps up its efforts to replace informal cash-driven alternatives across the region, pairing a digital native solution with an innovative business model. Khazna has achieved massive success in Egypt, landing 300+ commercial partners, and acquiring 500K+ end-users to date. The company has raised $30M in equity funding from global investors including Quona Capital and Speedinvest and a credit facility from Lendable.

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 as it aims to participate in boosting Financial Inclusion in Saudi, which is part of the Financial Development Program, Vision 2030. I worked closely with many fintechs, however, what attracted me the most, is Khazna’s unique business model and its robust team”

Commenting on this announcement, Omar Saleh – Co-Founder & CEO of Khazna Holding said “Following our success reaching a profitable scale in Egypt, we are now focused on Saudi, 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 as one of the potential global Fintech hubs.”