Cairo-based fintech Lucky One has raised $3 million in fresh funds from existing investors; including Lorax Capital Partners, KEM, and DisrupTech Ventures, it announced in a statement on Tuesday. The financing came in the form of a convertible note.
Lucky One was started in 2019 by Dsquares, an Egyptian loyalty and rewards solutions provider. Dsquares was a business-to-business firm and had built a large network of partners for discounts and rewards. It used this network to launch Lucky as a consumer product that enabled users to access cashback, discounts, and rewards.
The product has evolved to now offer a physical card and credit (in the form of installments on shopping with its partners).
According to its website, Lucky One offers rewards and offers at over 10,000 websites and stores. It claims to have the largest merchant network in Egypt. Its services are also available in Morocco.
The startup aims to be profitable by the first quarter of 2025, it said in a statement, adding that it plans to use the latest funds to expand its credit services.
Momtaz Moussa, co-founder and CEO of Lucky One, 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.”
“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.
Lucky One also plans to expand to other markets of the region over the next two years, it noted in a statement, without sharing further details about its plans.
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