Lucky ONE, the Cairo-based consumer credit fintech, has successfully raised $3 million in a convertible note, marking a pivotal step towards achieving profitability by the first quarter of 2025. This funding round saw the participation of existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures.

The newly raised funds will be strategically deployed to scale Lucky ONE’s credit lending services, reinforcing its position as a prominent player in Egypt’s consumer credit market. This move aligns with the country’s national financial inclusion agenda, which aims to provide broader access to credit services for the underbanked population.

Momtaz Moussa, Co-Founder and CEO of Lucky ONE, expressed his excitement about the successful financing round. “We are thrilled to have successfully closed this round, which will fuel our ambitious growth plans and support our mission of providing accessible consumer credit solutions to underbanked Egyptians. 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,” he stated.

Moussa highlighted the company’s strategy to leverage its solid collection processes and low default rates to scale its consumer credit offerings effectively and efficiently. “On our path to sustainable profitability, Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings,” he added.

Ayman Essawy, Co-Founder and Chairman of Lucky ONE, will focus on licensing, regulatory affairs, strategic alliances, and investor relations. He echoed the positive sentiment about the company’s growth trajectory, emphasizing Lucky ONE’s dedication to delivering innovative financial services. Essawy underscored the company’s commitment to profitability and outlined plans for regional market expansions within the next 24 months. “This positions Lucky ONE as a key player in the ever-evolving Egyptian fintech sector,” he noted.

Mohamed Sayed, General Manager of Lucky ONE, shared his positive vision for leading Egypt’s commercial operations. “The traction built by Lucky ONE over the past five years has geared us to take the next step towards offering a comprehensive range of financial services. Ranging from satisfying instant discounts and cashback needs, all the way to lending, we are working to empower our customers to stay ahead of their financial needs,” Sayed stated.

Lucky ONE’s latest financing round not only signifies a significant milestone in its growth trajectory but also underscores the robust confidence of its investors in the company’s vision and execution capabilities. As Lucky ONE continues to innovate and expand, it remains committed to driving financial inclusion and providing accessible credit solutions to millions of Egyptians.