Lucky, Egypt’s app for credit products, offers and cashback rewards, announced its completion of a $25 million funding round.
The investment round, which is Egypt’s largest Fintech Series A round, has been led by Nclude by Global Ventures – the new Fintech fund announced by its lead investors Banque Misr, National Bank of Egypt and Banque du Caire – Egypt’s largest national banks – and Global Ventures, an MEA focused venture capital firm.
Investments also came from PayU, the Prosus-owned Fintech firm “specializing in emerging markets; Endeavor Catalyst, Venture Souq, Oman Technology Fund, Arzan capital and Disruptech Ventures, who join existing investors and significant shareholder Lorax Capital Partners.”
Proceeds will be used “to increase market leadership and build out Lucky’s credit capabilities – as customers become more educated and experienced using credit.”
Founded in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has “grown rapidly since inception and has the largest merchant network in Egypt.” The firm’s mission is “to revolutionize how MENA’s population shops, pays and saves.”
Lucky brings seamless financial flexibility and “increased spending power to MENA, where many consumers have not traditionally had access to credit.”
Lucky reportedly has more than 8 million active 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 tens of thousands of local and global brands.”
The firm 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 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.”
Ayman Essawy, co-founder of Lucky, remarked:
“We are honored 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.”
Eslam Darwish, General Partner of the Nclude FinTech Fund, commented:
“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.
Eslam added:
“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.”
As noted in a release shared with CI, Lucky claims to be one of the leading Fintech apps in Egypt “for consumer credit products, powered by market-leading cashback rewards and a merchant network of more than 30,000 stores.” Lucky is “trusted by more than 8 million Egyptians.”