• Egypt-based fintech Lucky ONE has raised $3 million in a convertible note from Lorax Capital Partners, KEM, DisrupTech Ventures and other existing investors. 
• Founded in 2018 by Momtaz Moussa, Ayman Essawy and Marwan Kenawy, Lucky offers financial flexibility and increased spending power through its robust lending scheme, discounts and cashbacks. 
• Lucky ONE, which has expanded its operations in Egypt and Morocco, is now focusing on scaling its credit vertical on its path to profitability by Q1 2025. 

Press release:

Leading Cairo-based consumer credit fintech, Lucky ONE, announces the successful raise of $3 million in a convertible note, bolstering its path to profitability by Q12025 and enabling the scaling of its credit lending offering for the Egyptian masses. The financing round witnessed participation from existing investors, including Lorax Capital Partners, KEM and DisrupTech Ventures. 

As Lucky ONE remains steadfast on its path to profitability, this financing round marks a significant milestone in the company’s growth trajectory. The funds raised will be strategically utilized to expand the platform’s credit services, further enhancing its position as a leading consumer credit fintech in Egypt in alignment with the national financial inclusion agenda.

Co-Founder and CEO of Lucky ONE, Momtaz Moussa, will continue carrying out executive duties, Ayman Essawy, Co-Founder & chairman, will focus on licensing, regulatory affairs, as well as strategic alliances and investor relations. 

Commenting on the recent financing round, Momtaz Moussa, Co-Founder & CEO of Lucky ONE, stated: "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." 

“On our path to sustainable profitability, Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings” he added. 

From his part, Mohamed Sayed, General Manager of Lucky ONE, echoed his positive vision leading Egypt’s commercial operations, saying: “The traction built by the Lucky ONE over the past 5 years has geared us to take the next step towards offering a comprehensive range of financial services. Ranging from satisfying instant discount and cashback needs, all the way to lending, we are working to empower our customers to stay ahead of their financial needs.” 

Co-Founder and Chairman, Ayman Essawy, shared his positive sentiment on the latest developments & expressed his enthusiasm to continue supporting business growth, hammering on Lucky ONE’s dedication to deliver innovative financial services. Emphasizing that the company's commitment to profitability, coupled with new regional market expansions within the next 24 months, positions Lucky ONE as a key player in the ever-evolving Egyptian fintech sector.