Egyptian fintech startup Lucky ONE has secured $3 million in a convertible debt round, aimed at expanding its credit services and facilitating its entry into new regional markets. The funding, provided by existing investors including Lorax Partners, KEM, and DisrupTech Ventures, marks a significant step in the company's growth strategy.
Founded in 2019 by Ayman Essawy, Momtaz Mousa, and Marwan Kenawy, Lucky ONE has quickly become a key player in Egypt's fintech landscape, offering a suite of financial services such as credit, cashback rewards, and discounts for both in-person and online transactions. This latest investment is intended to enhance the company's credit offerings and strengthen its position within the rapidly growing fintech sector in Egypt, with ambitious plans set for Q1 2025.
CEO and Co-founder Momtaz Mousa expressed enthusiasm about the successful funding round, emphasizing the trust investors have placed in the company’s vision. "This funding round is a clear vote of confidence from our investors, reinforcing our commitment to delivering cutting-edge financial solutions to the underserved Egyptian market," said Mousa. "With this new capital, we are well-positioned to extend our reach, refine our product offerings, and move towards profitability."
This latest round of funding follows Lucky ONE's $25 million Series A round in 2022 and represents a significant milestone as the company gears up for further regional expansion over the next two years.
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