Lucky ONE, an Egyptian fintech company, has successfully secured $3 million in a convertible debt round. The funds were raised from existing investors, including Lorax Partners, KEM, and DisrupTech Ventures, and are earmarked for expanding the company’s credit platform and facilitating its entry into new regional markets.
Founded in 2019 by Ayman Essawy, Momtaz Mousa, and Marwan Kenawy, Lucky ONE has quickly established itself as a significant player in Egypt’s fintech landscape. The company offers a variety of financial services, including credit, cash back, and discounts that are applicable both in-store and online. By providing these services, Lucky ONE aims to cater to the financial needs of the underserved population in Egypt, helping them access essential credit and financial tools that were previously out of reach.
The recent convertible debt round is a strategic move that builds on the momentum created by Lucky ONE’s $25 million Series A round in 2022. The new capital injection is intended to enhance the company’s credit offerings, making them more robust and accessible, while also laying the groundwork for Lucky ONE’s expansion into new markets across the region. The company has set an ambitious target of solidifying its position as a leading fintech provider in Egypt’s rapidly growing financial technology sector by the first quarter of 2025.
In a statement regarding the successful closing of the funding round, CEO and Co-founder Momtaz Mousa expressed the company’s optimism about its future trajectory. “We are thrilled to announce the successful closing of this funding round,” Mousa said. “This investment is a testament to the confidence our investors have in our vision and our ability to deliver innovative financial solutions to the underserved Egyptian market. With this new capital, we are well-positioned to expand our reach, enhance our product offerings, and ultimately achieve profitability.”
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The latest financing round represents a significant milestone for Lucky ONE, highlighting the strong vote of confidence from its investors in the company’s vision and growth potential. The funds will be used not only to expand the company’s credit platform services but also to extend its geographical reach, allowing Lucky ONE to tap into new regional markets over the next two years.
Lucky ONE’s strategic focus on enhancing its credit services and expanding into new markets is poised to further strengthen its position in the competitive fintech sector. As the company continues to innovate and grow, it is well on its way to becoming a major force in Egypt’s booming financial technology industry.
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