Lucky raises $25 million to grow its rewards app
- Egypt-based fintech app Lucky, has raised $25 million in a Series A round led by the recently-launched fintech VC fund Nclude, with participation from PayU, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital and Disruptech, along with existing investors; Lorax Capital Partners.
- Founded in 2018 by Momtaz Moussa and Ayman Essawy, Lucky is a digital rewards app offering cashback and credit products such as save now pay later. The app allows users to rack up and redeem points for discounts on their purchases from over 20,000 local and international brands.
- The company claims to have registered a yearly growth rate of 250 per cent in gross merchandise value (GMV) and has over eight million registered users.
- It plans to use the funds to shore up its credit capabilities and expand its geographical presence in the Middle East and North Africa region.
- Lucky currently operates in Egypt and Morocco.
Lucky, Egypt’s leading app for credit products, offers and cashback rewards, announces its $25 million fund Series A raise. The funding round, which is Egypt’s largest Fintech Series A round so far, was led by Nclude by global Ventures, and Egypt’s largest national banks – Banque Misr, National Bank of Egypt and Banque du Caire. Major investments also came from PayU, the Prosus-owned Fintech firm specializing in emerging markets; Endeavor Catalyst, Venture Souq, OTF, Arzan Capital and DisruptechVentures, who joined existing investors and significant shareholder Lorax Capital Partners.
Proceeds will be used to increase market leadership and build out Lucky’s credit capabilities as customers become more educated and experienced using credit.
Founded in Egypt in 2018 by Momtaz Moussa and Ayman Essawy, Lucky has grown rapidly since inception and has the largest merchant network in Egypt. The Company’s mission is to revolutionize how MENA’s population shops, pays, and saves. Lucky brings seamless financial flexibility and increased spending power to MENA, where many consumers have not traditionally had access to credit.
Lucky has over eight million registered users and connects them to a growing range of easy-to-use credit products, discounts, and cashback rewards, which can be used in person and virtually with over twenty thousand local and global brands. The company has seen 250% year-on-year growth in gross merchandise value, with great feedback, including an App Store award from apple for best apps in Egypt. It also recently expanded into Morocco and is exploring further regional expansion. Momtaz Moussa, co-founder of Lucky, said: “We are delighted to complete this $25 million fundraise. 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 a market leader and expand our current offering.Ayman Essawy, co-founder of Lucky also added that: “We look forward to continuing our rapid growth, increasing our eight million-strong active user base, and building out our creditcapabilities with the support and guidance of our investors.”
Eslam Darwish, General Partner of Nclude FinTech Fund, commented: “We are delighted to have led Lucky’s latest funding round. Nclude by Global Ventures is focused on acceleratingFintech Innovation and driving Financial Inclusion via partnerships with the leading Fintech and fintech enabled companies.