Egyptian fintech startup Lucky has raised $3 million in a convertible bond round to expand its credit services and contribute to Egypt’s financial inclusion goals. The funding will support Lucky’s growth plans and help the company achieve sustainable profitability. Lucky aims to provide accessible consumer credit solutions to unbanked Egyptians.

In line with Egypt's Financial Inclusion Agenda

Egyptian fintech startup Lucky recently raised $3 million in a convertible bond round backed by Lorax Capital Partners, KEM, Disruptech Ventures, and other existing investors. The fintech startup plans to use the funding to expand its credit services and solidify its position as one of Egypt’s leading consumer credit platforms.

The funding is also expected to help Lucky, which was co-founded by Momtaz Moussa, Ayman Essawy and Marwan Kenawy in 2018, align with Egypt’s financial inclusion agenda, according to a report. Commenting on the startup’s successful funding round, Moussa, who is also the CEO, said:

“We are delighted to have successfully closed this round of funding, which will accelerate our ambitious growth plans and support our mission of providing accessible consumer credit solutions to the unbanked Egyptian population. This round of funding reaffirms the confidence our investors have placed in us and reinforces our commitment to achieving sustainable returns while creating real value in the Egyptian market.”

As the startup focuses on achieving sustainable profitability, Lucky is relying on its “solid” collection processes and low default rates to expand its credit vertical, the CEO added. This approach helps the startup ensure timely and efficient delivery, Moussa added.

With this convertible bond round, Lucky joins a number of other fintech companies that have successfully raised capital in the past few months. While the capital raised has mostly ranged from $3.5 million to $8 million, MNT Halan, which announced a $157.5 million raise in July, holds the record for the largest investment in an Egyptian fintech company in 2024 to date.

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