Lucky, app for credit products, offers and cashback rewards, raises $25m in a series A round. The funding round was led by Nclude by Global Ventures, a new Fintech fund recently announced by its lead investors Banque Misr, National Bank of Egypt and Banque du Caire and Global Ventures.
The round also included PayU, Endeavor Catalyst, Venture Souq, Oman Technology Fund, Arzan capital and Disruptech Ventures, among other existing investors and significant shareholder Lorax Capital Partners.
“We are delighted to complete this $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,” Momtaz Moussa, co-founder of Lucky, said.
The fund will be used to increase market leadership and build out Lucky’s credit capabilities. It also recently expanded into Morocco and is exploring further regional expansion.
Founded in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, the company’s mission is to revolutionize how MENA’s population shops, pays and saves.
“We are delighted to have led Lucky’s latest funding round. 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,” Eslam Darwish, General Partner of the Nclude FinTech Fund, commented.
Lucky has over eight million active users and connects them to easy-to-use credit products, discounts and cashback rewards, which can be used in person and virtually with tens of thousands of local and global brands.
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