Lucky, Egypt’s leading app for credit products, offers, and cashback rewards, announced its $25 million fund Series A raise. The funding round, which is Egypt’s largest Fintech Series A round so far, was led by Nclude Fintech Fund by Global Ventures. Major investments also came from PayU, the Prosus-owned Fintech firm specialising in emerging markets; 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 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 its inception and has the largest merchant network in Egypt. The Company’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 has over eight million registered users and connects them to a growing range of easy-to-use credit products, discounts, and cashback rewards. These can be used in person and virtually with over twenty thousand local and global brands. The company 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. Lucky fits that descriptor perfectly and is a prime example of Egyptian fintech innovation that delivers a differentiated and scalable customer experience.