Mohamed Okasha, Founder of Egyptian Disruptech fund, specialized in start-up investments in the field of financial technology, announced his first investment in the Egyptian market.
Disruptech chose Khazna, a pioneer in developing banking and financial solutions through mobile applications, as an alternative to cash solutions, as its first investment in Egypt.
“We are pleased to start the cooperation between Disruptech and Khazna, which was founded by a distinguished team led by Omar Saleh. The fund seeks to establish a strategic relationship with startups in the field of financial technology, and we look forward to adding value to these companies and being part of their growth," Okasha said.
"The Egyptian market is very promising for financial technology companies, and the role of Disruptech Fund is to assist these companies from the beginning until they reach the IPO to achieve double earnings," he added, pointing out that investing in Khazna is just the start.
It is worth mentioning that Okasha resigned from his position as Managing Director of Fawry to launch the fund with Malik Sultan, who recently established a $ 25 million financial technology fund, however, Fawri will be one of their main investors.
Co-founder and CEO of Khazna Omar Saleh said that financial inclusion policies in Egypt would ease provision of multiple financial services electronically to millions of Egyptians. Khazna intends to seize the opportunity by cooperating with major firms, which reach millions of users in a short period.
Recently, Khazna has been providing services primarily to labor-intensive companies, especially in industrial, facilities, and telecommunications sectors. The company then began expanding its services to include medium-sized enterprises.
The start-up is also building an Artificial Intelligence (AI) model to help predict customer demands and provide them with more advanced services.
Khazna is a Cairo-based financial technology startup, which aims at providing electronic financial services to more than 20 million Egyptians.
It was founded by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy in 2019.
Contributed by: Taarek Refaat
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