Lucky, Egypt’s leading app for credit products, offers and cashback rewards announced raising a $25 million Series A funding round led by the recently-launched fintech VC fund Nclude, to continue its expansion and increase its credit capabilities.
The Series A round was led by Nclude backed by Global Ventures alongside Egypt’s largest national banks – Banque Misr, National Bank of Egypt, and Banque du Caire.
The round also recorded participation from regional investors including PayU, Endeavor Catalyst, VentureSouq, Otf, Arzan Capital, and DisruptechVentures. The existing investors and significant shareholder Lorax Capital Partners also participated.
“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.”
~ Eslam Darwish, General Partner of Nclude FinTech Fund
Lucky was founded in Egypt in 2018, by Momtaz Moussa and Ayman Essawy with the mission to revolutionize the way the Middle East and North Africa shops, pays and saves. To date, it has connected more than eight million customers with access to a growing range of easy-to-use credit products, discounts and cashback rewards that can be used in person and virtually with twenty thousand local and global brands.
“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 also recently expanded into Morocco and is exploring further regional expansion.
~ Momtaz Moussa, Co-founder of Lucky
Lucky brings seamless financial flexibility and increased spending power to MENA, where many consumers have not traditionally had access to credit. The company has seen 250% year-on-year growth in gross merchandise value, with great feedback, including an App Store award from apple for best apps in Egypt.
“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.”
~ Ayman Essawy, Co-founder of Lucky
The startup plans to use the latest funding to increase market leadership and build out Lucky’s credit capabilities as customers become more educated and experienced using credit.