The Egypt-based FinTech exploring the world of cashback and credit offers to empower a larger segment of the population with easy and consumable access to credit, Lucky has secured $25M in its Series A round to continue its expansion and increase its credit capabilities.
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Egypt-based FinTech and customer-engaging finance pioneer Lucky has successfully raised $25M in its latest funding round. The Series A round was led by Egypt’s newest FinTech-focused fund Nclude backed by Global Ventures and Egypt’s largest national banks – Banque Misr, National Bank of Egypt, and Banque du Caire. The round also recorded participation of key regional investors including PayU, the Prosus-owned Fintech firm specializing in emerging markets; Endeavor Catalyst, VentureSouq, otf Jasoor Ventures, Arzan Capital, and DisruptechVentures, who joined existing investors and significant shareholder Lorax Capital Partners.
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 by designing a seamless app that offers credit products, discount offers, and cashback rewards. Lucky brings seamless financial flexibility and increased spending power to MENA, where many consumers have not traditionally had access to credit.
In line with a keen investor focus on FinTech innovations across Emerging Venture Markets, the FinTech space in Egypt recorded the lion's share of transactions in 2021. Observing a 67% increase compared to the year before, Egypt-based FinTech startups raised south of 20% of all transactions closed to cross the $60M mark in 2021. More than 50% of all capital investment was raised by two startups Dopay and Paymob; empowering businesses with financial servicing Dopay allows businesses to roll out salaries seamlessly while bypassing banking arrangements while Paymob helps SMEs set up their online & offline payment gateways and POS. As recorded in our Egypt 2022 Venture Investment Report, a major theme for FinTech disruption over the past year has been empowering the large segment of the under and unbanked by allowing access to payment transactions and credit opportunities with sizable investments in startups like Genz-focused p2p payment platform Telda, crediting solutions provider Dayra, alternative crediting solutions provider Kashat, as well as phone credit spend optimizer Raseedi.
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Lucky has aggregated over 8M registered users and connects them to a growing range of easy-to-use credit products, discounts, and cashback rewards, which 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. Momtaz Moussa, co-founder of Lucky, said, “We are delighted to complete this $25 million fundraise. The MENA region’s huge unbanked, young population and the cash-dominated economy is a significant market opportunity for us. With the backing of such esteemed investors, we are perfectly positioned to build on our momentum, cement our position as a market leader and expand our current offering.” The Egypt-based FinTech has also recently expanded into Morocco and is exploring further regional expansion. Ayman Essawy, co-founder of Lucky also added, “We look forward to continuing our rapid growth, increasing our eight million-strong active user base, and building out our creditcapabilities with the support and guidance of our investors.”
Proceeds of this fundraise will be used to increase market leadership and build out Lucky’s credit capabilities as customers become more educated and experienced using credit. For this debut investment in parallel with the launch of the fund, Eslam Darwish, General Partner of Nclude FinTech Fund, concluded, “We are delighted to have led Lucky’s latest funding round. Nclude by Global Ventures is focused on acceleratingFintech Innovation and driving Financial Inclusion via partnerships with the leading Fintech and fintech enabled companies.”
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