Cairo-based fintech, Lucky ONE, has announced the successful raise of $3 million in a convertible note with participation from existing investors, including Lorax Capital Partners, KEM and DisrupTech Ventures.
According to a press release, the funds will be used in bolstering its path to profitability by Q1 2025 and enabling the scaling of its credit lending offering for the Egyptian masses.
The funds raised will be strategically utilized to expand the platform’s credit services, further enhancing its position as a leading consumer credit fintech in Egypt in alignment with the national financial inclusion agenda.
Co-Founder and CEO of Lucky ONE, Momtaz Moussa, will continue carrying out executive duties, Ayman Essawy, Co-Founder & chairman, will focus on licensing, regulatory affairs, as well as strategic alliances and investor relations.
“We are thrilled to have successfully closed this round, which will fuel our ambitious growth plans and support our mission of providing accessible consumer credit solutions to underbanked Egyptians. This round reaffirms the trust our investors have placed in us and solidifies our commitment to achieving sustainable profitability while creating true value in the Egyptian market.” said Moussa.
“On our path to sustainable profitability, Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings” he added.
The company, which has built a foundation in its 5 years of existence, is now looking to offer comprehensive financial services. These include instant discount and cashback needs, all the way to lending while ‘working to empower [its] customers to stay ahead of their financial needs.‘
The fintech reportedly works with a merchant network of over 20,000 local and international stores and provides instant credit approval, with more than 13 million registered users and 300,000 issued cards. Over the years, the fintech has raised $50 million in funding and has operations in Morocco.
Lucky One’s round is the latest infusion of investment into the Eyptian fintech sector, a country that has been touted as among the most cash-reliant in the world.
Since the turn of the year [2024], multiple fintech startups in North Africa have been announcing investments there including:
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