Lucky ONE, a consumer credit fintech based in Cairo, has raised $3 million in a convertible note. This funding round included contributions from current investors, including KEM, Lorax Capital Partners, and DisrupTech Ventures.
Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky ONE provides consumers with financial options, including loans, discounts, and cashbacks. The company has grown its presence in Egypt and Morocco and aims to enhance its credit services, targeting profitability by early 2025.
“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,” said Momtaz Moussa, Co-founder and CEO.
The Egyptian fintech is using its strong collection methods and low default rates to grow its consumer credit business, ensuring timely and effective services, Momtaz added.
According to Mohamed Sayed, General Manager of Lucky ONE, the company has made great progress in the last five years, allowing it to expand its 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,” Mohamed added.
Ayman Essawy, Co-Founder and Chairman, reiterated the company’s commitment to profitability and planned regional market expansions within the next 24 months. Lucky ONE is poised to become a key player in the rapidly evolving Egyptian fintech sector, added Ayman.
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