Lucky, an Egyptian startup that provides credit products, incentives, and cashback benefits, has raised a US$25 million Series A funding round to improve its credit capabilities, increase market share, and expand internationally.
PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital, and Disruptech Ventures joined current investors Lorax Capital Partners in the investment round, which was led by Nclude Fintech Fund by Global Ventures.
Lucky, which was founded in 2018 by Momtaz Moussa and Ayman Essawy, provides customers with a growing choice of simple credit products, discounts, and cashback benefits that can be used in person and online with over 20,000 local and global retailers.
“We are ecstatic to have reached our goal of raising $25 million.” The MENA region’s large unbanked population, young population, and cash-dominated economy provide us with a major market opportunity. We are perfectly positioned to build on our momentum, solidify our position as an industry leader, and expand our present offering with the support of such prestigious investors,” Moussa said.
“Through relationships with the leading fintech and fintech-enabled enterprises, Nclude by Global Ventures is focused on accelerating fintech innovation and driving financial inclusion,” stated Eslam Darwish, general partner of Nclude FinTech Fund.
Since its beginning, the company has grown quickly, 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 over year, and it has lately expanded into Morocco.
The funds will be utilized to strengthen Lucky’s market position and expand its lending capabilities, as well as to explore additional regional expansion.
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