Khazna and Hawarzmi Ventures launch a Saudi fund to support startups in the region

Khazna , the regional platform specialized in providing digital financial services for underserved individuals and micro-enterprises, has announced the establishment of a new business entity in the Kingdom of Saudi Arabia in alliance with Khwarizmi Ventures (KV), a Saudi funding fund investing in startups in the Middle East and North Africa region, with support from prominent private sector investors and family finance offices. The company will commence operations upon obtaining the necessary licenses from regulatory authorities.

This expansion is part of Khazna’s efforts to replace unofficial cash alternatives in the region by offering a digital solution with an innovative business model.

Khazna has achieved significant success in Egypt, contracting with over 300 partners from leading companies and reaching over 500,000 users to date. Additionally, the company has raised $30 million in its initial financing rounds from global investors, including Quona Capital and Speedinvest, along with credit facilitation from Lendable.

The statement also pointed out that Dr. Ibrahim Al-Mojel will serve as Chairman of the Board for Safely in Saudi Arabia through their partnership with Khwarizmi Ventures, stating that they invested in Safely in its early stages, and they believe in its ability to expand in the Saudi market and beyond. \

He highlighted Safely’s distinguished management team and exceptional technological capabilities.

Mohammed bin Abdullah Al-Yousef has been appointed as a co-founder and CEO of Safely in the Kingdom, expressing his pleasure in joining Safely in Saudi Arabia to support financial inclusion as part of the Financial Sector Development Program, a component of Vision 2030. He added that he was attracted to Safely by its unique business model and the team’s extensive experience.

Omar Saleh, co-founder and CEO of Safely Holdings, commented on this expansion, emphasizing their focus on Saudi Arabia as the largest economy in the region and one of the most attractive markets. He also highlighted the role of financial technology in the Financial Sector Development Program as part of Vision 2030, positioning Saudi Arabia as one of the anticipated global hubs for financial technology.