Lucky, Egypt’s leading app for credit products raised USD 25 million in Series A round on March 20, 2022. It is Egypt’s largest funding round for a fintech firm in Series A, so far.
Nclude by Global Ventures led the funding round for Lucky. Banque Misr, National Bank of Egypt and Banque du Caire and Global Ventures establsihed Nclude as anew fintech firm.
Besides, the round also saw participation from PayU, Endeavor Catalyst, Venture Souq, Oman Technology Fund, Arzan Capital and Disruptech Ventures. Existing investor and significant shareholder Lorax Capital partner also took part in the funding.
Lucky’s Utilization of Funds
The leading credit app wants to use the fresh capital to increase its market leadership. They want to build Lucky’s credit capabilities. With its recent expansion in Morocco, the firm seeks to explore more expansion opportunities.
What the founders have to say
“We are delighted to complete this $25 million fund raise. 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 in a position to build on our momentum, cement our position as market leader and expand our current offering,” Moumtaz Moussa, co-founder at Lucky, said in a statement.
Ayman Essawy, co-founder of Lucky, added,“We are honoured to be Nclude by Global Ventures’ first investment, in what is a momentous strategic development for Egypt. We look forward to continuing our rapid growth, increasing our eight million-strong active user base, and building out our credit capabilities with the support and guidance of our investors.”
What the investor has to say
Eslam Darwish, General Partner of the Nclude FinTech Fund, said, “We are delighted to have led Lucky’s latest funding round. Nclude by Global Ventures focuses on accelerating Fintech Innovation and driving Financial Inclusion via partnerships with the leading Fintech and fintech enabled companies. Lucky fits that description perfectly and is a prime example of Egyptian fintech innovation that delivers a differentiated and scalable customer experience. Momtaz and Ayman’s vision really resonated with us and we are excited to support them on their mission.”
About Lucky
Since its inception in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has the largest merchant network in Egypt. It is a fintech app for consumer credit products, along with cashbacks, rewards, and offers. It has seen remarkable growth over the years. They cater to more than 30,000 stores and have a clientele of over 8 million Egyptian customers.The firm seeks to revolutionize how MENA’s population shops, pays and saves.
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