EGYPT – Lucky, Egypt’s popular app for credit goods, discounts, and cashback rewards has announced a $25 million Series A funding round to expand its credit capabilities.
The latest funding round was led by Nclude by global Ventures and Egypt’s top national banks, Banque Misr, National Bank of Egypt, and Banque du Caire.
The round also attracted participation from PayU, a Prosus-owned Fintech firm focused in emerging countries, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, and DisruptechVentures, joining existing investors and primary shareholders Lorax Capital Partners.
The fund will be used to improve Lucky’s market leadership and expand its credit capabilities in the North African country.
Launched in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, the startup has developed quickly since its beginning and now has Egypt’s largest merchant network.
The company’s objective is to change the way people in the Middle East and North Africa shop, pay, and save.
In MENA, where many consumers have traditionally lacked access to credit, Lucky provides smooth financial flexibility and enhanced buying power.
The platform offers more than eight million registered members and links them to a growing selection of simple financing options, discounts, and cashback benefits that can be utilized in person or online with over 20,000 local and global merchants.
Since its inception, the startup has provided over six million loyal clients with a growing choice of discounts, simple credit products, and cashback rewards that can be used in person or online with thousands of domestic and international merchants.
The company’s gross sales value has increased by 250 percent year over year, with positive comments, including an App Store award from Apple for best apps in Egypt.
“We look forward to continuing our quick growth, boosting our 8 million subscriber base, and expanding our credit capabilities with the support and advice of our investors,” said Ayman Essawy, co-founder of Lucky.
Through partnerships with prominent Fintech and fintech-enabled firms, Nclude by Global Ventures aims to accelerate Fintech Innovation and drive Financial Inclusion.
The company has also just entered Morocco and is looking to develop further in the region and rapidly expand its app reach and availability.
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