Cairo-based fintech ‘LuckyONE’ raises $3 million in a convertible note
Hello Africa!
Today, we bring you news from Egypt.
Prominent consumer credit fintech company, Lucky ONE, based in Cairo, has announced that it has successfully raised $3 million in 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.
It’s amazing because this fundraising round represents an important turning point in Lucky ONE’s development trajectory as the firm continues to march steadily toward profitability.
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.
Mohamed Sayed, general manager of Lucky ONE, added: “The traction built by Lucky ONE over the past five years has geared us to take the next step towards offering a comprehensive range of financial services.”
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.
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.”
Momtaz Moussa, Co-Founder & CEO of Lucky ONE
Ayman Essawy, co-founder and chairman of Lucky ONE, emphasized the company’s commitment to provide cutting-edge financial services, stressing that Lucky ONE’s dedication to profitability and its plans to enter additional regional markets within the next 24 months position the company as a major participant in the rapidly changing Egyptian fintech industry.
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Team AfriRadar🥂
