Lucky, An Egyptian Credit Fintech Company, Has Raised $25 Million In A Series A Round Of Funding

Lucky, an Egyptian credit fintech company, has raised $25 million in a Series A round of funding to further strengthen its market leadership

Unveiling of a $25 million Series A funding round by Lucky, an Egyptian fintech company that provides credit products and offers, as well as cashback rewards, was announced on Monday, March 21. This is the largest funding round ever raised by a fintech company in the country.

The Nclude Fintech Fund, which is managed by Global Ventures, a venture capital firm based in Dubai, was the lead investor in the round.

PayU, a Fintech company owned by Prosus that focuses on emerging markets, as well as Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital, and Disruptech Ventures, participated in the round, joining existing investors and significant shareholder Lorax Capital Partners, which also contributed to it.

The funds will be used to "increase market leadership and expand Lucky's credit capabilities," according to the statement. Lucky's mission has long been to "empower the Middle East and North Africa with a frictionless shopping, savings, and payment experience."

According to a statement from Lucky, the proceeds will be used to "strengthen Lucky's market position and expand the company's credit capabilities as customers become more educated and experienced with credit."

According to a statement from Lucky, the now four-year-old company has grown rapidly over the years, with over eight million registered users, instantly elevating it to the top of the list of Egypt's largest merchant networks. Aside from that, Lucky claims a "250 percent increase in gross merchandise value from the previous year."

The app's co-founder Momtaz Moussa stated that the company is now "perfectly positioned to build on our momentum" in terms of banking a significant portion of the Middle East and North Africa's population that has previously been excluded from banking by more traditional financial institutions.

MENA's large unbanked population, young workforce, and cash-dominated economy present a significant market opportunity, according to Moussa. "With the support of such distinguished investors, we are well positioned to capitalize on our momentum, solidify our position as the market leader, and expand our current offering," he added.

Ayman Essawy, the other co-founder, stated that they are looking forward to expanding their user base beyond the current eight million users they have.

'With the support and guidance of our investors, we are looking forward to continuing our rapid growth, expanding our active user base to eight million people, and expanding our credit capabilities,' Essawy said.

The general partner of Nclude FinTech Fund stated that they are "delighted" to participate in and lead the round.

According to the company, "We are overjoyed to have led Lucky's most recent round of funding. Nclude by Global Ventures is committed to accelerating Fintech innovation and financial inclusion through partnerships with leading FinTech and fintech-enabled companies."

"Lucky embodies that descriptor perfectly and is a shining example of Egyptian fintech innovation that provides a differentiated and scalable customer experience." "Momtaz and Ayman's vision struck a chord with us, and we are thrilled to be able to assist them in their mission," they continued. "

As Egypt's fintech sector continues to grow, Algebra Ventures launched a $90 million fund last year to invest in technology startups in the country and throughout North Africa. This move by Lucky reaffirms Egypt's position as a key player in the continent's technology sector.