Cairo-based fintech startup Lucky One has secured $3 million in fresh funding from existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures. The company announced on Tuesday that the financing was raised through a convertible note.
Founded in 2019 by Egyptian loyalty and rewards solutions provider Dsquares, Lucky One has transitioned from a business-to-consumer product to one offering a physical card and credit services, enabling users to access cashback, discounts, and rewards. Initially leveraging Dsquares’ extensive network of partners for discounts and rewards, Lucky One now boasts over 10,000 website and store partnerships, claiming the largest merchant network in Egypt. The service is also available in Morocco.
The fintech startup has ambitious plans to achieve profitability by the first quarter of 2025. The newly raised funds will be directed towards expanding its credit services, supporting its mission to provide accessible consumer credit solutions to underbanked Egyptians.
“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,” said Momtaz Moussa, co-founder and CEO of Lucky One.
Moussa further highlighted the company’s strategy of leveraging its robust collection processes and low default rates to scale its consumer credit vertical, ensuring timely and effective offerings.
Looking ahead, Lucky One also plans to expand into other regional markets over the next two years, although specific details regarding these plans were not disclosed.
