Cairo-based fintech app Khazna has secured $38m in debt and equity through its Series A financing round, reported The National.

Quona Capital led the equity financing with participation from Saudi Arabia-based Khawarizmi Ventures, Austria-based Speedinvest , AB Accelerator by Arab Bank, US-based Accion Venture Lab.

Egyptian firms Algebra Ventures, Disruptech and CVentures also invested in the round.

Debt financing was provided by Lendable with Arab Bank Egypt serving as the security agent for the transaction.

Khazna CEO and co-founder Omar Saleh told the publication: “We’re very proud of the investments that we have. It’s a mix of global leading FinTech investors, such as Quona Capital and Speedinvest, along with some of the strongest local national and private banks.”

Founded in 2019, Khazna offers services such as buy now pay later (BNPL) general credit, salary advances, and bill payments.

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The firm’s offerings are said to be focused on unbanked and underbanked residents in Egypt.

In 2020, the firm launched an earned wage access product that enables partner employers to provide salary advances to their employees as a benefit.

The latest fundraising comes as the firm gears up to launch additional products this year, the report said.

To date, Khazna has raised a total of $47m in capital.

Quona co-founder and managing partner Monica Engel said: “In just two years, Khazna has scaled and monetised quickly and is already a market leader in the push for financial inclusion for the 35 million underbanked in Egypt.

“Empowering consumers and micro-businesses with Khazna’s convenient, user-centric and transparent financial super app can enable millions across Egypt to gain greater control over their financial lives.”

In November last year, the Central Bank of Egypt approved instant payment regulations that allow people and businesses in the country to make instant payments between bank accounts via mobile phones.