Lucky, Egypt’s popular app for credit goods, discounts, and cashback rewards has announced a $25 million Series A funding round. Nclude by global Ventures and Egypt’s top national banks – Banque Misr, National Bank of Egypt, and Banque du Caire – led the fundraising round, which is Egypt’s largest Fintech Series A round to date.
PayU, a Prosus-owned Fintech firm focused in emerging countries, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, and DisruptechVentures, have made major investments, joining existing investors and primary shareholders Lorax Capital Partners.
As clients become more trained and informed with credit, the proceeds will be used to improve Lucky’s market leadership and expand its credit capabilities.
Lucky, which was launched in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, has developed quickly since its beginning and now has Egypt’s largest merchant network.
The company’s objective is to change the way people in the Middle East and North Africa shop, pay and save. In MENA, where many consumers have traditionally lacked access to credit, Lucky provides smooth financial flexibility and enhanced buying power.
Lucky offers more than eight million registered members and links them to a growing selection of simple financing options, discounts, and cashback benefits that can be utilized in person or online with over 20,000 local and global merchants.
The company’s gross sales value has increased by 250 percent year over year, with positive comments, including an App Store award from Apple for best apps in Egypt.
It has also just entered Morocco and is looking to develop further in the region. “We are happy to finish this $25 million fundraise,” Momtaz Moussa, co-founder of Lucky, stated. The MENA region’s large young population, unbanked population, and cash-dominated economy provide us with a major market opportunity.
We are strategically positioned to capitalize on our momentum, solidify our position as a market leader, and expand our present offering with the support of such prestigious investors.
“We look forward to continuing our quick growth, boosting our 8 million subscriber base, and expanding our credit capabilities with the support and advice of our investors,” said Ayman Essawy, co-founder of Lucky.
“We are happy to have led Lucky’s latest funding round,” said Eslam Darwish, General Partner of Nclude FinTech Fund.
Through partnerships with prominent Fintech and fintech-enabled firms, Nclude by Global Ventures aims to accelerate Fintech Innovation and drive Financial Inclusion.
Techbuilld’s Take
Lucky’s purpose is to change the way people shop, pay, and save across the Middle East and North Africa. Since our inception in Egypt in 2018, they’ve provided over six million loyal clients with a growing choice of discounts, simple credit products, and cashback rewards that can be used in person or online with thousands of domestic and international merchants.
Lucky has Egypt’s largest merchant network, and are providing seamless financial flexibility and enhanced spending power to people who have never had access to credit before.
With this recent funding, Lucky will be able to move into new countries and rapidly expand its app reach and availability.
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates
