Egyptian financial services super app Lucky secures $25m in Series A funding

Lucky, an Egyptian startup that provides credit products, offers, and cashback rewards, has raised a US$25 million Series A funding round to expand its credit capabilities, increase market share, and drive further international growth.

Lucky, founded in 2018 by Momtaz Moussa and Ayman Essawy, provides users with access to an expanding range of simple credit products, discounts, and cashback rewards that can be used in person and virtually with over 20,000 local and global brands.

Since its inception, the startup has grown rapidly, and it now has the largest merchant network in Egypt, as well as over eight million registered users. Its gross merchandise value has increased by 250 percent year on year, and it has recently expanded into Morocco.

Lucky’s US$25 million Series A round was led by Nclude Fintech Fund by Global Ventures, and it also included PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital, and Disruptech Ventures, in addition to existing investors and significant shareholder Lorax Capital Partners.

The proceeds will be used to strengthen Lucky’s market position and expand its credit capabilities, while the startup considers further regional expansion.

“We are overjoyed to have completed this US$25 million fund raise.” The MENA region’s large unbanked, young population and cash-dominated economy present us with a significant market opportunity. “With the support of such prestigious investors, we are perfectly positioned to build on our momentum, solidify our position as market leader, and expand our current offering,” Moussa said.

Eslam Darwish, general partner of Nclude FinTech Fund, expressed his pleasure at leading Lucky’s latest funding round.

“Through partnerships with leading fintech and fintech-enabled companies, Nclude by Global Ventures is focused on accelerating fintech innovation and driving financial inclusion,” he said.

“Lucky perfectly fits that description and is a shining example of Egyptian fintech innovation that provides a differentiated and scalable customer experience.” Momtaz and Ayman’s vision struck a chord with us, and we are excited to join them on their mission.”