Regional FinTech platform, Khazna, has announced its strategic partnership with Khwarizmi Ventures (KV) to launch its operations in Saudi Arabia. The move aims to capitalize on the burgeoning digital financial services market in the Kingdom, following the receipt of necessary regulatory approvals.
In collaboration with KV, a Saudi-based fund specializing in early-stage startups across the Middle East and North Africa (MENA) region, Khazna is set to replicate its success in Egypt by providing innovative digital financial solutions to underserved individuals and micro-corporates in Saudi Arabia.
Khazna, known for its commitment to replacing informal cash alternatives with digital solutions, has already made significant strides in Egypt. With over 300 partnerships with major companies and a user base exceeding 500,000, the company has attracted global investments, including $30 million from reputable investors like Quona Capital and Speedinvest. Additionally, Khazna secured a credit facility from Lendable.
The expansion into the Saudi market is in alignment with Khazna’s mission to offer a transformative and inclusive digital financial experience. The company’s unique business model, coupled with its in-house technology capabilities, positions it as a formidable force in the regional FinTech landscape.
Khazna’s Saudi venture will be led by Mohammed bin Abdullah Al Yousef, appointed as the Co-Founder and CEO of Khazna in the Kingdom. Al Yousef expressed enthusiasm about contributing to financial inclusion in Saudi Arabia, aligning with the Financial Sector Development Program, a key component of the Vision 2030 initiative.
Dr. Ibrahim Al Mojil, Chairman of Khazna through its Saudi partnership, highlighted the early investment in Khazna and expressed confidence in the company’s potential to establish itself as a major player in the Saudi market.
“We have invested in Khazna early in the company’s life and remain convinced of the company’s ability to expand into one of the region’s largest markets, Saudi Arabia, and beyond. Khazna’s unique management team and in-house technology capabilities position it to become a regional FinTech powerhouse,” said Dr. Al Mojil.
Omar Saleh, Co-Founder and CEO of Khazna Holding, emphasized the strategic importance of Saudi Arabia in the region. “After successfully reaching a profit model in Egypt, we are now focused on Saudi Arabia as the largest economy in the region and the most attractive market at the moment,” Saleh stated. He also highlighted the addition of a FinTech strategy to the Financial Sector Development Program, marking Saudi Arabia as an upcoming global hub for FinTech.
As Khazna and Khwarizmi Ventures embark on this collaborative venture, eyes are on the evolving landscape of digital financial services in Saudi Arabia, anticipating positive outcomes for financial inclusion and technological advancement in the region.