Egypt’s Lucky ONE Secures $3M to enter New Regional Markets

Lucky ONE, an Egyptian fintech specializing in consumer credit, has successfully secured $3 million in a convertible bond funding round. 

This strategic investment aims to expand its credit platform and facilitate entry into new regional markets over the next two years. 

The funding round attracted participation from existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures. 

This development underscores the growing importance of fintech in Egypt, particularly in enhancing financial inclusion for the underbanked population.

Expanding Financial Services

Founded in 2019 by Ayman Essawy, Momtaz Moussa, and Marwan Kenawy, Lucky ONE offers a diverse range of financial services, including credit, discounts, and cashback. 

The fintech focuses on serving the unbanked population, providing accessible and affordable financial solutions. 

With over 20,000 local and international merchants in its network, Lucky ONE boasts more than 13 million registered users and has issued approximately 300,000 cards.

The recent funding will not only support Lucky ONE’s expansion plans but also enhance its path to profitability, with a target set for the first quarter of 2025. 

This aligns with Egypt’s broader efforts to promote financial inclusion, which includes initiatives like a new digital payment system and the National Financial Inclusion Strategy.

Commitment to Profitability

Ayman Essawy, Chairman of Lucky ONE, emphasized the fintech’s commitment to achieving profitability while expanding its market presence. 

He stated that the funding will allow the company to scale effectively and establish itself as a significant player in the evolving Egyptian fintech landscape. 

Fintech has previously raised a total of $50 million in funding and has already begun operations in Morocco, indicating a strong foundation for future growth.

Momtaz Moussa, the CEO, highlighted the importance of the new funding in fueling Lucky ONE’s growth plans. 

He reiterated the company’s mission to provide accessible consumer credit solutions to underbanked Egyptians. 

Moussa pointed out that the fintech’s robust collection processes and low default rates will be instrumental in scaling its offerings efficiently.

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Strategic Growth Plans

The funding will enable Lucky ONE to enhance its credit platform and expand its services into new regional markets. 

The Fintech aims to leverage its existing infrastructure and customer base to introduce a comprehensive range of financial services. 

Mohamed Sayed, General Manager of Lucky ONE, expressed confidence in the momentum the company has gained over the past five years, positioning it well for the next phase of growth.

As the fintech landscape in Egypt continues to evolve, Lucky ONE’s strategic initiatives align with national efforts to improve access to credit services. 

The company’s focus on the underbanked population is particularly significant, as it addresses a critical gap in financial services.

Conclusion

Lucky ONE’s recent funding round marks a pivotal moment for the fintech as it seeks to enhance its credit platform and expand into new markets. 

With a commitment to profitability and a focus on serving the underbanked, the company is well-positioned to make a significant impact in the Egyptian fintech sector. 

As it embarks on this journey, Lucky ONE aims to empower individuals with accessible financial solutions, contributing to the broader goal of financial inclusion in Egypt.

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