New post Thank you for 2021. Expecting a bigger you in 2022 Read More


Lucky, an Egyptian fintech startup, raises US$25 million in its series A funding round

1 Mins read

Egyptian-based Fintech company, Lucky, has closed a $25 million Series A funding round.

Lucky, which was founded in 2018, is a super app that offers its users access to a wide range of easy-to-use credit products, discounts, and cashback rewards.

The series A funding round had participations from Nclude by global Ventures, as well as Egypt’s top national banks – Banque Misr, National Bank of Egypt, and Banque du Caire.

Participations in the funding round also came from investment firms like PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital, Disruptech Ventures, and Lorax Capital Partners.

Lucky was founded by Momtaz Moussa and Ayman Essawy. Since it began operations, the startup has experienced remarkable growth, having some of the largest network of merchants in Egypt.

The startup also claim to have recorded a 250% year-on-year growth, and have about 8 million registered users.

Speaking on the the fundraise, co-founder, Moussa said the funds would be used to scale Lucky’s expansion into the MENA region, and also improve Lucky’s credit capabilities.

We are delighted to complete this US$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 perfectly positioned to build on our momentum, cement our position as market leader and expand our current offering,” Moussa said.

Read also: Agritech startup – Apollo Agriculture – raises $40 million; to provide loan support to African farmers

Commenting on the fundraise, and Nclude’s interest, Eslam Darwish, General Partner at Nclude FinTech Fund, expressed his delight, he said:

“Nclude by Global Ventures is focused on accelerating fintech innovation and driving financial inclusion via partnerships with the leading fintech and fintech-enabled companies. Lucky fits that descriptor 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.”

Lucky’s $25m Series A funding marks the largest series A funding round completed by an Egyptian startup.

469 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts
Now you knowRandomStartups

Saga Raises $6.5 million To Build A Web3 Protocol

2 Mins read
Web3 has been everywhere in the news lately, interestingly, for the right reasons I must admit. We are about witnessing the change…

Kenyan aquaculture startup - Victory Farms - raises $5 million to push its expansion across East African

2 Mins read
Victory Farms, an aquaculture startup based in Kenya, has completed its fundraising round, closing the round with $5 million. The startup, which…

Aave Launches A Web3 Social Media Platform Powered By Blockchain

2 Mins read
The good news of Web3 will continue to be spread until it completely evolves and becomes a blown reality, having fully been…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply