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.
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.