Lucky, an Egypt-based FinTech and customer-engaging financing pioneer, has raised $25 million in its most recent funding round. Egypt’s newest FinTech-focused fund Nclude, supported by Global Ventures and Egypt’s leading national banks — Banque Misr, National Bank of Egypt, and Banque du Caire– led the Series A round.
PayU, a Prosus-owned Fintech firm focused in emerging markets; Endeavor Catalyst, VentureSouq, Otf, Arzan Capital, and DisruptechVentures joined existing investors and key stakeholder Lorax Capital Partners in the round.
Established in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has since evolved to have the largest merchant network in Egypt. The company’s goal is to change the way consumers in MENA shop, pay, and save by providing a seamless app with credit products, discount offers, and cashback benefits. In MENA, where many consumers have traditionally limited access to credit, Lucky provides smooth financial flexibility and enhanced spending power.
Lucky serves over 8 million registered users and connects them to a growing list of simple credit products, discounts, and cashback benefits that can be utilized in person or online with over 20,000 local and global merchants. The company’s gross merchandise value has increased by 250% year-on-year, with positive feedback, including an App Store award from Apple for best apps in Egypt.
Lucky Co-Founder Momtaz Moussa remarked: “We are delighted to complete this $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.”
The Egypt-based FinTech has entered Morocco and is seeking to grow further in the region. Ayman Essawy, Lucky’s Co-Founder, added: “We look forward to continuing our rapid growth, increasing our eight million-strong active user base, and building out our creditcapabilities with the support and guidance of our investors.”
As consumers grow more educated and experienced with credit, the funds raised will be used to improve market leadership and expand Lucky’s credit capabilities. Eslam Darwish, General Partner of Nclude FinTech Fund, noted: “We are delighted to have led Lucky’s latest funding round. Nclude by Global Ventures is focused on acceleratingFintech Innovation and driving Financial Inclusion via partnerships with the leading Fintech and fintech enabled companies.”