Egyptian startup Lucky, a super app for credit products, offers and cashback rewards, has raised a US$25 million Series A funding round to build out its credit capabilities, expand its market share, and drive further overseas growth.
Founded in 2018 by Momtaz Moussa and Ayman Essawy, Lucky offers users access to a growing range of easy-to-use credit products, discounts, and cashback rewards, which can be used in person and virtually with over 20,000 local and global brands.
The startup has grown rapidly since inception, and now has the largest merchant network in Egypt as well as over eight million registered users. It has seen 250 per cent 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 on by Disrupt Africa yesterday), and also includes PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital and Disruptech Ventures, who joined existing investors and significant shareholder Lorax Capital Partners.
Proceeds will be used to increase market leadership and build out Lucky’s credit capabilities, while the startup is exploring further regional expansion.
“We are delighted to complete this US$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 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 via partnerships with the leading fintech and fintech-enabled companies,” he said.
“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.”
