Egyptian fintech startup Lucky has successfully secured US$3 million in a convertible note funding round. The funding, aimed at scaling its credit vertical, positions Lucky to achieve profitability by the first quarter of 2025.
Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky has established itself as a key player in Egypt’s fintech landscape. It offers lending services, discounts, and cashback programs to enhance its users’ financial flexibility.
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Expansion and Strategic Growth
With its roots firmly planted in Egypt, Lucky has also made strides into the Moroccan market, signalling its intent to expand regionally. The recent funding round saw participation from notable investors such as Lorax Capital Partners, KEM, DisrupTech Ventures, and other existing investors.
These funds will be strategically deployed to expand Lucky’s credit services, reinforcing its position as a leading consumer credit fintech in Egypt. This move aligns with the Egyptian government’s broader financial inclusion agenda, which aims to bring more people into the formal financial system.
Lucky’s Commitment to Financial Inclusion
Lucky’s co-founder and CEO, Momtaz Moussa, expressed enthusiasm about the successful closure of the funding round, noting its importance in driving the company’s ambitious growth plans.
“We are thrilled to have successfully closed this round, which will fuel our growth plans and support our mission of providing accessible consumer credit solutions to underbanked Egyptians,” Moussa said.
“This round reaffirms the trust our investors have placed in us and solidifies our commitment to achieving sustainable profitability while creating true value in the Egyptian market.”
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Driving Towards Profitability by 2025
As Lucky aims for sustainable profitability, it is leveraging its robust collection processes and maintaining low default rates to scale its consumer credit offerings. The startup’s strategy involves ultra-scaling its credit vertical to ensure that its services remain timely, effective and aligned with the needs of the Egyptian market. By focusing on the underbanked segment, Lucky is tapping into a significant market opportunity and contributing to the financial empowerment of a traditionally underserved population.
With the latest injection of funds, Lucky is well-positioned to continue its growth trajectory and solidify its market leadership in Egypt’s fintech sector. The company’s focus on expanding its credit services is expected to drive its profitability, setting the stage for future success within Egypt and beyond.