Egyptian fintech Lucky ONE has successfully raised $3 million in a convertible note, marking a significant milestone towards its goal of achieving profitability by Q1 2025. The funding round saw participation from existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures.
The newly raised funds will be used to expand Lucky ONE’s credit lending services, strengthening its position in Egypt’s consumer credit sector. This initiative aligns with Egypt’s national financial inclusion plan, aimed at increasing access to credit services for the underbanked population.
Momtaz Moussa, co-founder and CEO of Lucky ONE, expressed gratitude for the continued support from investors, emphasizing the company’s commitment to sustainable profitability and value creation in the Egyptian market. He outlined plans to scale the company’s consumer credit offerings, leveraging its strong collection processes and low default rates.
Ayman Essawy, co-founder and chairman, will oversee licensing, regulatory affairs, strategic alliances, and investor relations, focusing on regional market expansion over the next 24 months. General Manager Mohamed Sayed highlighted the momentum Lucky ONE has built over the past five years, positioning the company to offer a comprehensive range of financial services in the near future.
