# Fatma El Shenawy
Fatma El Shenawy is an Egyptian fintech executive who co-founded Khazna, a Cairo-based financial super app for underbanked (people with limited access to banking services) Egyptian workers, in 2019, and served as the company's chief strategy officer.[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) • [2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) She came to Khazna from Dubai-based investment banking firm Arqaam Capital.[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) Khazna raised a $38 million Series A in 2022, expanded into Saudi Arabia in 2024, and raised a $16 million pre-Series B in February 2025 while preparing an application for an Egyptian digital banking license.[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) • [3](https://www.wamda.com/en/2024/02/egypt-khazna-expands-saudi-arabia) • [4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
| Fact | Detail |
|---|---|
| Role | Co-founder and chief strategy officer, Khazna[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) |
| Founded | Khazna, 2019, Cairo[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) |
| Co-founders | Omar Saleh (CEO), Ahmed Wagueeh (CTO), Omar Salah (COO)[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) |
| Funding | $38M Series A (2022); $16M pre-Series B (2025); over $63M total per TechCrunch[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) • [4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) |
| Users | Over 500,000 by February 2025, about 100,000 receiving payroll through the platform[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) |
| Recognition | Forbes Middle East, 20 Women Behind Middle Eastern Tech Brands, 2023[5](https://www.forbesmiddleeast.com/lists/20-women-behind-middle-eastern-tech-brands-2023/fatma-el-shenawy/) |
## Khazna: founding and business model
Khazna was founded in 2019 by [Omar Saleh](https://www.edgepedia.org/omar-saleh), Ahmed Wagueeh, Fatma El Shenawy, and Omar Salah, though published accounts disagree on the date, with some sources dating the launch or co-founding to 2020.[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) At the 2022 raise, Saleh was chief executive, Wagueeh chief technology officer, Salah chief operating officer, and El Shenawy chief strategy officer.[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) The founding team built the company around employer-provided short-term credit, starting with a pilot at one of Saleh's former employers.[6](https://quona-capital.medium.com/how-one-super-app-is-reinventing-financial-services-across-egypt-bd829fbcb7a)
**The product set** grew from that credit core. Khazna introduced its first earned wage access product in 2020,[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) and in 2021, after studying repayment behavior across its user groups, launched a direct-to-consumer credit line for informal gig workers and SME employees.[6](https://quona-capital.medium.com/how-one-super-app-is-reinventing-financial-services-across-egypt-bd829fbcb7a) By 2025 the app offered salary advances, digital payments, microloans, bill payments, buy now pay later (BNPL), medical insurance, and [rent-to-own](https://www.edgepedia.org/rent-to-own).[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) El Shenawy described the model in an Accion article: "Khazna is a financial 'super app' that targets mid to low-income labor force across Egypt," with a multipurpose credit line usable across cash, bill payments, and mobile top-ups.[7](https://www.accion.org/article/this-app-brings-financial-support-to-underbanked-egyptian-workers/) Its Salary Advance product operates a B2B2C (business sells to businesses, who serve end consumers) model, partnering directly with employers to reach workforces that banks had classified as high risk.[8](https://www.financemiddleeast.com/exclusive/khaznas-group-ceo-on-the-fintechs-next-growth-chapter/)
## Funding and ownership
Khazna's early rounds in 2020 included an undisclosed seed led by Algebra Ventures and Accion Venture Lab in March, $50,000 from Shorooq Partners in April, and $45,000 from Village Capital in August.[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) In March 2022 the company raised a $38 million Series A in debt and equity, bringing total funding since inception to $47 million.[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) The equity was led by US-based Quona Capital, followed by Nclude, an $85 million fintech fund financed by Egypt's three largest banks (Banque Misr, National Bank of Egypt, and Banque du Caire) and backed by Dubai-based Global Ventures; Lendable provided debt with Arab Bank Egypt as security agent.[2](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/) Other Series A participants included [Speedinvest](https://www.edgepedia.org/speedinvest), Khawarizmi Ventures, Algebra Ventures, Accion Venture Lab, and Disruptech.[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/)
In February 2025 Khazna raised $16 million in pre-Series B funding, which [TechCrunch](https://www.edgepedia.org/techcrunch) reported brought total funding to over $63 million; Forbes Middle East reported the same round brought total funding to $56 million including debt and equity.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) • [9](https://forbesmiddleeast.com/innovation/startups/egypts-khazna-secures-$16m-funding-to-boost-digital-banking-saudi-expansion-plans) Investors in the pre-Series B included Quona, Speedinvest, Aljazira Capital, anb Seed Fund, DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund for MSME.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
## Scale and regulatory standing
Khazna's user base grew from 150,000 across all products in March 2022[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) to more than 300,000 active users with 100 partners after three years of operation,[7](https://www.accion.org/article/this-app-brings-financial-support-to-underbanked-egyptian-workers/) and to over 500,000 people by February 2025, with about 100,000 users receiving their payroll through the platform.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) In 2022 the company recorded more than a million transactions and over 158,000 active users.[5](https://www.forbesmiddleeast.com/lists/20-women-behind-middle-eastern-tech-brands-2023/fatma-el-shenawy/)
**Licence position.** Khazna cannot take deposits, so it funds its lending with wholesale debt in US dollars and Egyptian pounds.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) Quona's account states that Khazna was the first financial super app to receive final approval for its prepaid card from Egypt's regulatory authorities.[6](https://quona-capital.medium.com/how-one-super-app-is-reinventing-financial-services-across-egypt-bd829fbcb7a) As of February 2025, the company planned to secure a deposit-taking digital banking license from Egypt's Central Bank by mid-2026; the Central Bank laid out its regulatory framework for digital banks in July 2024, and the license remained pending, with Khazna lending via FRA-regulated entities, as of September 2026.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) • [12](https://www.neobankbeat.com/n/khazna/)
## By the numbers
- $38 million Series A, March 2022; $47 million total funding at that point[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/)
- $16 million pre-Series B, February 2025; over $63 million total per TechCrunch[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
- Users: 150,000 (March 2022) to 500,000+ (February 2025)[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/) • [4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
- About 100,000 payroll users at the February 2025 raise[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
- BNPL available in 1,000 merchant stores (2022); team of 170 people[1](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/)
## How it compares with Egyptian fintech peers
MNT-Halan, the most prominent Egyptian fintech comparison for Khazna, became Egypt's first fintech unicorn in February 2023, when a $400 million equity and debt package anchored by [Abu Dhabi](https://www.edgepedia.org/abu-dhabi)'s Chimera Investments taking a 20% stake for $200 million pushed it past $1 billion; it later reached a $1.4 billion valuation in a round led by Al Ahly Capital, the investment arm of the National Bank of Egypt.[10](https://www.fwdstart.me/p/egypt-mnt-halan-hits-1-4b-valuation-as-al-ahly-capital-leads-new-round-putting-the-national-bank-o) The contrast in regulatory standing is structural: [MNT-Halan](https://www.edgepedia.org/mnt-halan) holds micro, consumer, and nano finance licenses from Egypt's Financial Regulatory Authority and was the first Egyptian company to obtain an independent electronic wallet license directly from the [Central Bank of Egypt](https://www.edgepedia.org/central-bank-of-egypt),[11](https://allbusiness.africa/insights/egyptian-fintech-2026) while Khazna, as of early 2025, funded lending with wholesale debt because it could not take deposits and was still pursuing a banking license.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
## Recent developments
In February 2024 Khazna established its business in Saudi Arabia in partnership with Khwarizmi Ventures, after acquiring the required license, and appointed Mohammad Alyousef as co-founder and chief executive of the Saudi operation.[3](https://www.wamda.com/en/2024/02/egypt-khazna-expands-saudi-arabia) At that point the company reported 300+ commercial partners and 500K+ end-users, with $30 million in equity raised from investors including [Quona Capital](https://www.edgepedia.org/quona-capital) and Speedinvest plus a credit facility from Lendable.[3](https://www.wamda.com/en/2024/02/egypt-khazna-expands-saudi-arabia) The group chief executive said the Saudi operation is not an export of the Egypt product but a ground-up build, with a new brand identity and a licensing path suited to Saudi regulators.[8](https://www.financemiddleeast.com/exclusive/khaznas-group-ceo-on-the-fintechs-next-growth-chapter/)
The February 2025 pre-Series B funded the Saudi expansion and preparation of the Egyptian digital banking license application.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) Khazna's lending product made the company break-even in the month before that raise, according to co-founder and CEO Omar Saleh.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/) The company plans for 40 to 50 percent of its business to come from Saudi Arabia within four years, aiming for eligibility for a public listing on Tadawul, the Saudi stock exchange.[4](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
## References
1. [Egyptian financial super app Khazna raises $38M, TechCrunch](https://techcrunch.com/2022/03/31/egyptian-financial-super-app-khazna-raises-38m-from-quona-capital-and-lendable/)
2. [Egyptian FinTech app Khazna raises $38m to fuel growth, The National](https://www.thenationalnews.com/business/technology/2022/03/31/egyptian-fintech-app-khazna-raises-38m-to-fuel-growth/)
3. [Egypt's Khazna expands into Saudi Arabia, Wamda](https://www.wamda.com/en/2024/02/egypt-khazna-expands-saudi-arabia)
4. [Egypt's Khazna banks $16M for its financial super app and expansion into Saudi Arabia, TechCrunch](https://techcrunch.com/2025/02/04/egypts-khazna-banks-16m-for-its-financial-super-app-and-expansion-into-saudi/)
5. [Fatma El Shenawy, 20 Women Behind Middle Eastern Tech Brands 2023, Forbes Middle East](https://www.forbesmiddleeast.com/lists/20-women-behind-middle-eastern-tech-brands-2023/fatma-el-shenawy/)
6. [How one super app is reinventing financial services across Egypt, Quona Capital](https://quona-capital.medium.com/how-one-super-app-is-reinventing-financial-services-across-egypt-bd829fbcb7a)
7. [This app brings financial support to underbanked Egyptian workers, Accion](https://www.accion.org/article/this-app-brings-financial-support-to-underbanked-egyptian-workers/)
8. [Khazna's Group CEO on the Fintech's Next Growth Chapter, Finance Middle East](https://www.financemiddleeast.com/exclusive/khaznas-group-ceo-on-the-fintechs-next-growth-chapter/)
9. [Egyptian Fintech Startup Khazna Secures $16M Funding As It Eyes Expansion, Forbes Middle East](https://forbesmiddleeast.com/innovation/startups/egypts-khazna-secures-$16m-funding-to-boost-digital-banking-saudi-expansion-plans)
10. [Egypt's MNT-Halan hits $1.4B valuation as Al Ahly Capital leads new round, FWD Start](https://www.fwdstart.me/p/egypt-mnt-halan-hits-1-4b-valuation-as-al-ahly-capital-leads-new-round-putting-the-national-bank-o)
11. [Egyptian FinTech in 2026: MNT-Halan, InstaPay, and the Cairo Super-App Playbook, AllBusiness Africa](https://allbusiness.africa/insights/egyptian-fintech-2026)
12. [Khazna (neobankbeat.com)](https://www.neobankbeat.com/n/khazna/)
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Technology founders and companies › Europe, Middle East, Africa, and Latin America technology › Israel, Arab world, Turkey, Iran, and Pakistan technology › Egypt, Levant, and North Africa technology*
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