Lucky, an Egyptian app for credit product and cashback, has raised $25 million Series A investment led by Nclude by global Ventures, Banque Misr, National Bank of Egypt and Banque du Caire.
Other participants in Egypt’s largest fintech Series A round include PayU, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital and Disruptech Ventures.
Per use of the funds, it will go into increasing Lucky’s market dominance and build out its credit capabilities as customers become more educated and experienced using credit.
Founded in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, Lucky is an app that offers seamless financial flexibility and increased spending power to MENA, where many consumers have not traditionally had access to credit. It does this via Lucky credit products, offers, and cashback rewards.
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 fundraise. 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 a 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 creditcapabilities 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 acceleratingFintech Innovation and driving Financial Inclusion via partnerships with the leading Fintech and fintech enabled companies.”
