Egyptian fintech Lucky ONE secures $3 million to expand regional operations

Lucky ONE, an Egyptian fintech has successfully raised $3 million in a convertible debt round. The facility secured from existing backers including Lorax partners, KEM, and DisrupTech Ventures will be used to expand its credit platform and facilitate its entry into new regional markets. 

Founded in 2019 by Ayman Essawy, Momtaz, and Marwan Kenawy, Lucky ONE is a fintech company based in Egypt, offering various financial services from credit, and cash backs to discounts, applicable both in person and online.

The startup plans to utilise the investment to enhance its credit offerings and solidify its position as a major player in Egypt's booming fintech sector, targeting Q1 2025 for this achievement. 

The latest round of funding follows Lucky’s $25 million Series A round in 2022.

CEO and Co-founder Momtaz Mousa spoke on the successful closing of the funding round and the company's confidence going forward in a notice. 

“We are thrilled to announce the successful closing of this funding round, this investment is a testament to the confidence our investors have in our vision and our ability to deliver innovative financial solutions to the underserved Egyptian market, ”said Mousa.

“With this new capital, we are well-positioned to expand our reach, enhance our product offerings, and ultimately achieve profitability.” 

Lucky ONE's latest financing round signifies a significant milestone in its growth potential, showing investors confidence in the company's vision. The company will use the new funding to expand its credit platform services and extend its reach into regional markets over the next two years.