Egypt fintech, Lucky, raises $25M in Series A

Lucky, the leading app in Egypt for credit products, offers and cashback rewards, has raised $25 million in a Series A funding round. 

The funding round, which is Egypt’s largest Fintech Series A round so far, was led by Nclude Fintech Fund by Global Ventures.

Egypt accounted for 15 percent of all transactions and 11 percent of all capital the Middle East and Africa attracted in 2021

Major investments also came from PayU, the Prosus-owned Fintech firm specializing in emerging markets; Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital and Disruptech Ventures, who joined existing investors and significant shareholder Lorax Capital Partners.

The funds will be used to increase market leadership and build out Lucky’s credit capabilities as customers become more educated and experienced using credit.

Founded in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has grown rapidly since its inception and has the largest merchant network in Egypt. The Company’s mission is to revolutionize how MENA’s population shops, pays and saves. Lucky brings seamless financial flexibility and increased spending power to MENA, where many consumers have not traditionally had access to credit. 

Lucky has over eight million registered users and connects them to a growing range of easy-to-use credit products, discounts, and cashback rewards, which can be used in person and virtually with over twenty thousand local and global brands. 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. It also recently expanded into Morocco and is exploring further regional expansion.

Momtaz Moussa, co-founder of Lucky, said: “We are delighted to complete this $25 million fund raise. The MENA region’s huge unbanked, young population and 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 market leader and expand our current offering. 

Ayman Essawy, co-founder of Lucky also added that: “We look forward to continuing our rapid growth, increasing our eight million-strong active user base, and building out our credit capabilities with the support and guidance of our investors.”

Eslam Darwish, General Partner of Nclude FinTech Fund, commented: “We are delighted to have led Lucky’s latest funding 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. 

“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.”

Read more: Egypt proptech startup, Nawy, raises $5M in seed funding

Featured image: Supplied