[FUNDING NEWS] Egypt-Based LuckyOne has Secured $3 Million in Convertible Note Funding

Lorax Capital Partners, KEM, DisrupTech Ventures, and other investors gave Egypt-based fintech Lucky ONE $3 million in a convertible note.

Lucky was founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy to promote financial flexibility and spending power through lending, discounts, and cashbacks.

Lucky ONE, which has expanded into Egypt and Morocco, is scaling its credit vertical to become profitable by Q1 2025.

Prominent consumer credit fintech company Lucky ONE, based in Cairo, has announced that it has successfully raised $3 million in the form of a convertible note. This development will help the company reach profitability by Q12025 and expand its credit lending services to a wider audience in Egypt.

Existing investors Lorax Capital Partners, KEM, and DisrupTech Ventures participated in the funding round.

This fundraising round represents an important turning point in Lucky ONE’s development trajectory as the firm continues to march steadily toward profitability.

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In keeping with the national financial inclusion objective, the funds raised will be strategically used to extend the platform’s credit services, thereby solidifying its position as Egypt’s foremost consumer credit fintech.

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Ayman Essawy, co-founder and chairman of Lucky ONE, will concentrate on licensing, regulatory affairs, strategic alliances, and investor relations while Momtaz Moussa, co-founder and CEO, will continue to perform executive duties.

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. 

Ayman Essawy, co-founder and chairman, emphasized Lucky ONE’s commitment to provide cutting-edge financial services while expressing his desire to promote business growth and his favorable feeling towards the most recent advancements. highlighting how Lucky ONE’s dedication to profitability and plans to expand into new regional markets over the next 24 months position the company as a major participant in the rapidly changing Egyptian fintech industry.

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.

About LuckyOne

Lucky One aims to transform Middle Eastern and North African shopping, payment, and savings. It has connected over eight million devoted users to a growing selection of easy-to-use credit products, discounts, and cashback rewards that can be used in person and virtually with tens of thousands of local and global brands since our 2019 Egyptian founding