Egypt-based credit app Lucky has scored $25m in a Series A round, which it claims is the largest of its type raised by a FinTech in the country.
The round was led by Nclude by Global Ventures, a new FinTech fund from Egyptian national banks Banque Misr, National Bank of Egypt and Banque du Caire, and Global Ventures, a MEA-focused venture capital firm.
Other commitments to the round came from PayU, Endeavor Catalyst, Venture Souq, Oman Technology Fund, Arzan capital and Disruptech Ventures.
With this capital, the company plans to increase its market position and create new credit capabilities.
Founded in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has a mission to revolutionise how MENA’s population shops, pays and saves. It brings seamless financial flexibility and increased spending power to MENA.
The platform provides discounts and cashbacks up to 50% from thousands of merchants. Users can also pay for items over instalments across 60 months.
The company claims to have over eight million active users. It has experienced a 250% year-on-year growth in gross merchandise value.
The company recently expanded into Morocco and is exploring other countries to enter.
Lucky co-founder Momtaz Moussa said, “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.”
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