$25 M Series A funding secured by Egyptian financial services super app Lucky
Lucky, an Egyptian business that provides credit products, incentives, and cashback benefits, has secured a $25 million Series A fundraising round to improve its credit capabilities, increase market share, and expand internationally.
Lucky, which was founded in 2018 by Momtaz Moussa and Ayman Essawy, provides customers with a growing choice of simple credit products, discounts, and cashback benefits that can be used in person and online with over 20,000 local and global retailers.
Since its beginning, the company has developed quickly, and it currently boasts the largest merchant network in Egypt, as well as over eight million registered users. Its gross merchandise value has increased by 250 percent year over year, and it has lately expanded into Morocco.
PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital, and Disruptech Ventures joined current investors and substantial stakeholder Lorax Capital Partners in a US$25 million Series A round headed by Nclude Fintech Fund by Global Ventures (reported on by Disrupt Africa yesterday).
The funds will be utilised to strengthen Lucky’s market position and expand its lending capabilities, as well as to explore additional regional growth.
“We are delighted to complete this US $25 million fundraise. The MENA region’s huge unbanked, young population and the cash-dominated economy is a significant market opportunity for us. With the backing of such esteemed investors, we are perfectly positioned to build on our momentum, cement our position as a market leader and expand our current offering,” said Moussa.
Nclude FinTech Fund general partner Eslam Darwish expressed his joy at having led Lucky’s newest investment round.
“Nclude by Global Ventures is focused on accelerating fintech innovation and driving financial inclusion via partnerships with the leading fintech and fintech-enabled companies,” he said.
“Lucky fits that descriptor perfectly and is a prime example of Egyptian fintech innovation that delivers a differentiated and scalable customer experience. Momtaz and Ayman’s vision really resonated with us and we are excited to support them on their mission.”
