Egyptian startup Lucky, a super app for credit products, offers, and cashback, raised US$25 million in Series A funding to build credit capacity, expand market share, and drive growth. overseas growth.
Founded in 2018 by Momtaz Moussa and Ayman Essawy, Fortunate offers users access to a growing range of easy-to-use credit, rebate and cashback products that can be used in-person and virtually with over 20,000 local and global brands.
The startup has grown rapidly since its inception and now boasts the largest merchant network in Egypt as well as over eight million registered users. It has seen 250% year-on-year growth in gross merchandise value and recently expanded into Morocco.
Lucky’s US$25 million Series A round was led by Nclude Fintech Fund by Global Ventures (reported by Disrupt Africa yesterday), and also includes PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital and Disruptech Ventures, which joined existing investors and major shareholder Lorax Capital Partners.
Proceeds will be used to increase market leadership and build Lucky’s lending capabilities as the startup explores further regional expansion.
“We are delighted to complete this fundraising of US$25 million. The huge unbanked and young population and cash-dominated economy in the MENA region presents a significant market opportunity for us. With the backing of such esteemed investors, we are perfectly positioned to build on our momentum, solidify our market leadership position and expand our current offering,” said Moussa.
Eslam Darwish, General Partner of Nclude FinTech Fund, said he was delighted to have led Lucky’s latest funding round.
“Nclude by Global Ventures is focused on accelerating fintech innovation and driving financial inclusion through partnerships with leading fintech and fintech companies,” he said.
“Lucky fits this descriptor perfectly and is a great 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 thrilled to support them in their mission.