Lucky raises $25m Series A funding

Lucky, an Egyptian business that provides credit products, incentives, and cashback benefits, has closed a US$25 million Series A fundraising round to improve its credit capabilities, increase market share, and expand internationally.

Lucky, which was founded in 2018 by Momtaz Moussa and Ayman Essawy, provides customers with a growing choice of simple credit products, discounts, and cashback benefits that can be used in person and online with over 20,000 local and global retailers.

Since its beginning, the company has grown quickly, and it now has the largest merchant network in Egypt, as well as over eight million registered users. Its gross merchandise value has increased by 250 percent year over year, and it has lately expanded into Morocco.

PayU, Endeavor Catalyst, Venture Souq, OTF Jasoor Ventures, Arzan Capital, and Disruptech Ventures joined current investors and substantial stakeholder Lorax Capital Partners in a US$25 million Series A round led by Nclude Fintech Fund by Global Ventures (reported on by Disrupt Africa yesterday).