Egyptian consumer credit fintech company Lucky ONE has successfully secured $3 million through a convertible bond funding round. The strategic objective behind this funding is to expand its credit platform and venture into new markets within the region in the upcoming two-year period.
Investment Backing and Growth Goals
Current stakeholders, including Lorax Capital Partners, KEM, and DisrupTech Ventures, rallied behind Lucky ONE in this investment round. With this new infusion of capital, the company is positioned to accelerate its path to profitability, with an ambitious target set for achieving this milestone by the first quarter of 2025.
Supporting Financial Inclusion Initiatives in Egypt
Aligned with Egypt’s national agenda to enhance financial inclusion and provide improved credit access for underbanked citizens, this financial push from Lucky ONE serves to bolster the nation’s initiatives. Noteworthy efforts include a new digital payment system, the National Financial Inclusion Strategy establishment, and a nationwide campaign promoting financial literacy.
Empowering the Underbanked with Financial Solutions
Founded in 2019 by Ayman Essawy (Chairman), Momtaz Moussa (CEO), and Marwan Kenawy, Lucky ONE specializes in offering financial services, including credit options, discounts, and cashback rewards. The company’s focus lies in empowering the unbanked demographic through accessible and affordable financial solutions.
Robust Growth and Market Presence
Lucky ONE operates an extensive merchant network spanning over 20,000 local and international retailers. With a streamlined process for instant credit approval, it boasts a robust user base of over 13 million registered users and 300,000 cards issued. Accumulating $50 million in funding to date, Lucky ONE has expanded its operations to include Morocco.
Strategic Vision for Profitability and Market Expansion
Chairman Ayman Essawy emphasized the company’s commitment to profitability and strategic plans for expanding into new regional markets within the next 24 months. This move is envisioned to solidify Lucky ONE’s position within Egypt’s dynamic fintech landscape.
Accelerating Growth Initiatives
CEO Momtaz Moussa highlighted the vital role the $3 million funding plays in accelerating Lucky ONE’s growth plans. Emphasizing the company’s mission to provide accessible consumer credit solutions to Egypt’s underbanked population, Moussa highlighted Lucky ONE’s strategy in leveraging efficient collection mechanisms and low default rates for effective scaling of consumer credit services.