Mohamed Okasha, Founder of Egyptian fintech fund, Disruptech, specialising in financial technology start-up investments, has announced his fund’s first investment in the Egyptian market.
Disruptech has chosen Khazna, a pioneer in developing banking and financial solutions through mobile applications, as an alternative to cash solutions, as its first foray in Egypt.
“We are pleased to start cooperation between Disruptech and Khazna, the company founded by a distinguished team led by Omar Saleh,” Okasha said, “The fund seeks to establish a strategic relationship with fintech startups, and 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 the Disruptech Fund is to help these companies in their journey from the beginning until they reach the IPO to achieve double returns,” he added. “Investing in Khazna is a start that opens the way for other partnerships in the future.”
Okasha stepped down as Fawry’s managing director to launch Disruptech with Malek Sultan, which was recently established as a $25m Egypt-focused fintech fund. Fawry will be one of the investors in the new fund.
Omar Saleh, co-founder and CEO of Khazna, said: “The financial inclusion policies in Egypt mean easy delivery of multiple financial services electronically for millions of Egyptians. 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 start-up that aims to provide mobile financial services to over 20 million Egyptians. It was founded in 2019 by Omar Saleh, Ahmed Wagueeh, Fatimah El Shenawy,
In recent months, Khazna has been providing services primarily to major labour-intensive companies in the industry, constructions, and call centre sectors, which employ over 100,000 workers.
The company then began expanding its services to include all economic, including medium-sized companies that can now register for Khazna services directly from its website.
Khazna is also building an Artificial Intelligence (AI) model to help it predict customer needs and provide them with more sophisticated services.