The Clap Fintech startup “Khazna” managed to secure $38 million in a Series A round.
Khazna is a fintech-based startup aiming to make financial services available for those who don’t have access to formal financial services. It offers General Purpose Credit, Buy Now Pay Later and bill payment services.
The deets The new investment scaled up Khazna’s total investment to $47 million since its launch in 2020.
The funding was led by Quona Capital with the participation of Speedinvest, Nclude, Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, Disruptech, AB Accelerator by Arab Bank, and CVentures, among others. The debt financing was provided by Lendable.
Why this matters? The new investment will allow Khazna to increase its effort into solutions for informal cash-driven alternatives in Egypt through advanced digitizing plans and creative business models.
Claps Class What’s (Series A) funding round?
It’s an investment injected into startup companies after showing a robust business model and establishing a potential for growth. It differs from Seed funding that is carried out in a startup’s early stage in the money involved. Series A financing is held by major venture capital and private equity firms, usually in return for some interest in the startup company.