Lucky, Egypt’s top app for credit products, offers, and cashback rewards, has announced the completion of a $25 million Series A funding round. The fundraising round, Egypt’s largest Fintech Series A to date, was headed by Nclude by global Ventures, with participation from Egypt’s largest national banks — Banque Misr, National Bank of Egypt, and Banque du Caire.
PayU, a Fintech company owned by Prosus (a Naspers unit) that specializes in emerging markets; Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, and DisruptechVentures also made major investments, joining previous investors and significant shareholder Lorax Capital Partners.
“We are delighted to complete this $25 million fundraise. The MENA region’s huge unbanked, young population and 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,” Momtaz Moussa, co-founder of Lucky, said.
Why The Investors Invested
The company has generated considerable traction. Lucky has over eight million registered members and connects them to an expanding selection of simple-to-use credit products, discounts, and cashback rewards that can be used in-store and online at over 20,000 local and global retailers. The company has seen a 250 percent increase in gross merchandise value year over year, with positive comments, including an Apple App Store award for the best apps in Egypt. Additionally, it just expanded into Morocco and is seeking additional regional expansion opportunities.
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“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,” Eslam Darwish, General Partner of Nclude FinTech Fund, said.
A Look At What The Startup Does
Lucky was founded in Egypt in 2018 by Momtaz Moussa and Ayman Essawy. Since then, the company has grown swiftly and now boasts the largest merchant network in the country. The Company’s objective is to transform the way the population of MENA shops, pays, and saves. Lucky provides seamless financial flexibility and enhanced spending power to consumers in MENA, where many have hitherto been unable to obtain credit.
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“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,” Ayman Essawy, co-founder of Lucky also said.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer