Egyptian credit fintech Lucky raises $25m Series A
Egyptian fintech Lucky has raised $25 million in a Series A funding round, the country’s largest fintech Series A to date.
The round was co-led by fintech-focused venture capital fund Nclude and Egyptian banks Banque Misr, National Bank of Egypt and Banque du Caire. The Series A also saw participation from PayU, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, Disruptech and Lorax Capital Partners.
Founded in 2018, Lucky claims to have the largest merchant network in Egypt. Its app offers credit products, discounts, offers, cashback rewards and buy now, pay later (BNPL) to more than 8 million users.
Lucky co-founder Momtaz Moussa says: “The MENA region’s huge unbanked, young population and cash-dominated economy is a significant market opportunity for us.”
The company says it wants to provide MENA consumers better access to credit to improve their financial flexibility and boost their spending power.
The Series A cash will go towards cementing Lucky’s position in the market and building out its credit offering.
The company has seen 250% year-on-year growth in gross merchandise value and recently expanded into Morocco, with an eye to further regional expansion.