Lucky closes largest Series A of any Egyptian Fintech
Egypt-based leading app for credit products, offers and cashback rewards, Lucky, has announced it raised $25 million in a Series A round. The funding round, which is Egypt’s largest Fintech Series A round so far.
The funding round was led by Nclude and one of Egypt’s largest national banks – Banque Misr, National Bank of Egypt, and Banque du Caire. Major investments also came from PayU, the Prosus-owned Fintech firm specializing in emerging markets; Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, and DisruptechVentures, who joined existing investors and significant shareholder Lorax Capital Partners.
Lucky was launched in 2018 by Momtaz Moussa and Ayman Essawy and has since grown to become the largest merchant network in Egypt with and a merchant network of more than 30,000 stores. The startup aims to digitize how MENA’s population shops, pays and saves.
Momtaz Moussa, co-founder of Lucky speaking on the round said it will help build the startup’s momentum.
“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,” said Momtaz.
Ayman Essawy, co-founder of Lucky, also said: “We are honoured to be Nclude by Global Ventures’ first investment, in what is a momentous strategic development for Egypt. 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.”
Lucky has over eight million active users and connects them to a growing range of easy-to-use credit products, discounts and cashback rewards. The startup also recently expanded into Morocco and is exploring further regional expansion.
Eslam Darwish, General Partner of the Nclude FinTech Fund was expressed his excitement while speaking on the investment.
“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,” said Eslam.
Lucky plans to use the funds to shore up its credit capabilities and expand its geographical presence in the Middle East and North Africa region.