Egyptian Fintech Lucky ONE Raises $3 Million in Funding Round to Fuel Ambitious Growth Plans
Lucky ONE, an Egyptian-based consumer credit fintech, has successfully raised $3 million in a convertible debt round to fuel ambitious growth plans.
The round saw participation from existing backers including Lorax partners, KEM, and DisrupTech Ventures, which will be used to scale Lucky ONE’s credit lending services and facilitate its entry into new regional markets.
Momtaz Moussa, Co-Founder and CEO of Lucky ONE, expressed his excitement about the successful financing round.
He said,
“We are thrilled to have successfully closed this round, which will fuel our ambitious growth plans and support our mission of providing accessible consumer credit solutions to underbanked Egyptians. This round reaffirms the trust our investors have placed in us and solidifies our commitment to achieving sustainable profitability while creating true value in the Egyptian market”.
Lucky ONE’s latest financing round signifies a significant milestone in its growth potential, showing investors confidence in the company’s vision. The latest round of funding follows the $25 million Series A round in 2022.
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 utilize 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.
