Lucky raises $25 million in Series A funding
Lucky, the leading application in providing various financial solutions in Egypt and the Middle East, announced the completion of the financing round (Series A) and obtaining 250 million
The financing round was led by Global Ventures’ NCLUD Fund, as well as the largest national banks in Egypt – Banque Misr, National Bank of Egypt and Banque du Caire.
Investments also came The joint venture was held by PayU, owned by Prosus, which specializes in financial services technology services in emerging markets, the accelerator Endeavor Catalyst, the investment company Venture Souq, the Omani Technology Fund OTF, and Arzan capital, a fund Investment Disruptech, who join existing investors and major shareholders of Lorax Capital Partners
These funds will be used to enhance Lucky’s leadership role as well as increase cash levels, especially as the market becomes more accommodating and conscious. With different non-banking financial services technology
Lucky was founded in Egypt in the year 2018, by Mumtaz Mousa and Ayman Essawy. The company has achieved rapid growth rates since its inception to include the largest network of dealers up to
A dealer. The company’s main mission is to revolutionize the world of shopping in the Middle East and North Africa by offering different financial solutions to customers while buying, paying and saving. Where the Lucky application provides flexible and easy financial solutions that contribute to achieving financial inclusion and increasing the purchasing power of consumers who do not benefit from banking services.
Lucky has won the trust of more than eight million users who enjoy various financial solutions among the promotions , consumer finance and cashback, which they can obtain through tens of thousands of local and international brands. The company has achieved growth rates of up to 250% on an annual basis in addition to the growth of its merchant network, as well as receiving an award from Apple’s Apple Store for being Lucky the best application in Egypt. Lucky recently expanded into Morocco to witness further regional expansion.
Commenting on the announcement, Mumtaz Moussa, co-founder of Lucky, said: “We are pleased to complete our funding round of 2018 Million dollars. The Middle East and North Africa region is one of the promising markets for providing financial services, due to the increase in the rates of young people who are not benefiting from banking services, which makes it an important market opportunity for us. With the support of these valued investors, we are ideally positioned to achieve our vision and strengthen our position as a market leader and add more diversified financial services and solutions.
Ayman Essawy, co-founder of Lucky Corporation added: “We look forward to continuing our We have achieved growth, increasing our client base of about eight million clients, as well as building our credit capabilities.”
Clud Nclude General Partner Islam Darwish said: “We are pleased to lead the latest private funding round. Blackie. Global Ventures’ Nclude Fund accelerates FinTech innovation and enriches financial inclusion by partnering and collaborating with leading FinTech service providers.”
“Lucky is the best example to follow. In this field, it has an active role in promoting the digital economy in Egypt. Mumtaz and Ayman’s vision has truly resonated with us and we are really excited to support them in their mission to accelerate economic and social development work in the region.