Egyptian Fintech Startup Lucky Raises $3 Million to Boost Credit Operations and Achieve Profitability by Q1 2025
Egyptian fintech startup Lucky has secured $3 million in convertible funding to intensify its credit operations and aim for profitability by the first quarter of 2025.
Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky offers financial flexibility and increased purchasing power through loans, discounts, and cashback rewards.
The startup, already established in Morocco, has raised $3 million from Lorax Capital Partners, KEM, DisrupTech Ventures, and existing investors.
The funds will be used to expand the platform's credit services, solidifying its position as a leading fintech player in consumer credit in Egypt, aligned with the national financial inclusion program.
Momtaz Moussa, co-founder and CEO of Lucky, expressed enthusiasm for this funding cycle, highlighting that it will stimulate their growth and contribute to providing accessible credit to underbanked Egyptians. He emphasized that the investment reflects investors' confidence and reinforces their commitment to sustainable profitability and value creation in the Egyptian market. Lucky plans to expand its consumer credit services by leveraging robust recovery processes and low default rates.
