Eng. Mohamed Okasha, founder of Disruptech, the recently established Egytian fintech fund specialized in investing in financial technology startups, announced the fund’s first investment in Khazna, a pioneer in developing the banking and financial solutions through a mobile application as an alternative to cash solutions.
Okasha, commenting on the investment said: “We are pleased to start cooperation between Disruptech and Khazna the company founded by a distinguished team led by Omar Saleh. The fund seeks to establish a strategic relationship with fintech startups; we look forward to adding value to these companies and to being a part of their growth journeys.”
“The Egyptian market is very promising for fintech companies and the role of Disruptech Fund is to help these companies in their journey from the beginning till the IPO to achieve double returns, and investing in Khazna is a start that opens the way for other partnerships in the future.” He added.
Mohamed Okasha has steped down as Fawry’s managing director to launch Disruptech, the recently established Egypt-focused $25 million fintech fund, and Fawry will be one of the investors in the new fund.
Omar Saleh, the co-founder and CEO of Khazna, confirmed: “The financial inclusion policies in Egypt avail delivering multiple financial services electronically for millions of Egyptians easily. Khazna intends to exploits the opportunity by cooperating with big companies and sectors, which helps in efficiently reaching millions of users in a short period.”
Khazna is a Cairo-based fintech that aims to provide mobile financial services to over 20 million under banked Egyptian.
During past months, Khazna has been providing services first to major labor-intensive companies in the field of industry, constructions, and the Call Center, which employs more than 100,000 employees and workers. Then it began expanding its services to include all sectors of the economy, including medium-sized companies that can now register for Khazna services directly from Khazna website (https://khazna.app/),
Khazna is also building an Artificial Intelligence model to help it predict its customer’s needs and provide them with more sophisticated services.
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