Egypt’s Fintech Leader Lucky ONE Raises $3M for Market Expansion

This initiative is consistent with Egypt’s objectives to promote financial inclusion and provide access to credit services for the underbanked population. These activities are part of a larger program that includes implementing a new digital payment system, establishing the National Financial Inclusion Strategy, and launching a national financial literacy campaign.

Founded in 2019 by Ayman Essawy (Chairman), Momtaz Moussa (CEO), and Marwan Kenawy, Lucky ONE is a fintech company offering a suite of financial services such as credit, discounts, and cashback. The company focuses on serving the unbanked population, aiming to empower them through accessible and affordable financial solutions.

According to Forbes, Lucky ONE operates with a merchant network of over 20,000 local and international stores and provides instant credit approval. The fintech has more than 13 million registered users and has issued 300,000 cards. Over the years, Lucky ONE has raised $50 million in funding and has expanded its operations to Morocco.

Essawy emphasized the fintech’s commitment to profitability and outlined plans for regional market expansions over the next 24 months. He stated that these initiatives will establish Lucky ONE as a significant player in the evolving Egyptian fintech sector.

Moussa further stated that the additional money will help the fintech’s growth objectives and mission of delivering accessible consumer credit solutions to underbanked Egyptians. He discussed the company’s strategy for effectively and efficiently scaling its consumer loan services using its strong collection systems and low default rates. He said on the path to sustainable profitability, “Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings.”

Mohamed Sayed, General Manager of Lucky ONE, expressed that the momentum the fintech has gained over the past five years has prepared it to take the next step towards offering a comprehensive range of financial services.