Egyptian consumer credit fintech company Lucky ONE has successfully secured $3 million through a convertible bond funding round, with the strategic goal of expanding its credit platform and paving the way for its entry into new markets within the region over the forthcoming two-year period.
The investment round garnered support from a cohort of current stakeholders, including Lorax Capital Partners, KEM, and DisrupTech Ventures. With the infusion of fresh capital, Lucky ONE is poised to accelerate its journey towards profitability, setting an ambitious target for achieving this milestone by the first quarter of 2025.
This financial boost is in line with Egypt’s national agenda to enhance financial inclusion and to provide better access to credit for its underbanked citizens. This agenda is supported by several key initiatives, such as the introduction of a new digital payment system, the establishment of the National Financial Inclusion Strategy, and the launch of a nationwide campaign to promote financial literacy.
Lucky ONE, which was founded in 2019 by Ayman Essawy (Chairman), Momtaz Moussa (CEO), and Marwan Kenawy, specializes in offering a suite of financial services that include credit options, discounts, and cashback rewards. The company is particularly focused on serving the unbanked demographic, with a mission to empower them through financial solutions that are both accessible and affordable.
Forbes reports that Lucky ONE operates a vast merchant network that spans over 20,000 local and international retailers. The fintech company boasts a streamlined process for instant credit approval and has a robust user base with over 13 million registered users and 300,000 cards issued. To date, Lucky ONE has accumulated $50 million in funding and has extended its operations to include Morocco.
Chairman Ayman Essawy underscored the company’s dedication to achieving profitability and highlighted the strategic plans for expanding into additional regional markets within the next 24 months. He envisions these efforts will solidify Lucky ONE’s position as a formidable entity within the dynamic landscape of Egypt’s fintech industry.
Momtaz Moussa, the CEO of Lucky ONE, recognized the pivotal role that the newly acquired $3 million in funding will play in accelerating the fintech’s growth initiatives. He emphasized the company’s commitment to its core mission of extending accessible consumer credit solutions to the underbanked segments of the Egyptian population.
Moussa shed light on the strategic approach of the company, which involves capitalizing on its robust collection mechanisms and the low incidence of credit defaults. By focusing on these strengths, Lucky ONE aims to scale its consumer credit services in a manner that is both effective and efficient. He articulated the company’s strategy, stating, “Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings.”
Adding to the discussion, Mohamed Sayed, the General Manager of Lucky ONE, reflected on the significant progress the fintech has made over the past five years. He conveyed that the experience and momentum gained during this period have positioned the company to advance to the next phase of its development. This next phase involves broadening its portfolio to include a more comprehensive array of financial services, thereby meeting a wider range of customer needs.
