Egyptian fintech Lucky has closed a $23 million Series B funding round, a mix of equity and debt, to fuel its expansion into North Africa. The round saw participation from existing and new investors, including Disruptech Ventures, DPI Venture Capital through its Nclude fund, Suez Canal Bank, and OneStop.
Quick Facts
- Funding: $23 million Series B (equity and debt).
- Key Investors: Disruptech Ventures, DPI, Suez Canal Bank, OneStop.
- Key Hire: Mohamed Farouk appointed as Chairman of the Board.
- Expansion: Targeting select markets across North Africa.
From Rewards to Profitability
Founded in 2019 by Ayman Essawy, Lucky initially launched as a cashback and rewards platform before evolving into a comprehensive consumer credit network. The company now offers credit lines, cards, and merchant integrations, establishing a strong foothold in Egypt’s financial services market.
This funding follows a period of significant operational performance. According to a company statement, Lucky achieved 3x annual growth in 2025 and reached profitability by the end of the same year, solidifying its market position ahead of its regional expansion. The company previously raised a $25 million Series A in March 2022.
Strategic Capital and New Leadership
The new capital will be used to scale its credit offerings, build out its infrastructure, and prepare for entry into new North African markets. The round also introduces strategic leadership, with tech investor Mohamed Farouk joining as the new Chairman of the Board to guide the company’s next phase of governance and growth.
“Lucky has demonstrated disciplined growth, strong product-market fit, and a clear vision for inclusive digital finance,” said Farouk. “This investment supports a platform that is well-positioned to be one of the leading players in the next phase of consumer credit and neo-banking in the region.”
Ayman Essawy, CEO of Lucky, commented on the company’s direction, stating, “Financial access is the foundation of progress. This round allows us to scale responsibly, invest in infrastructure, and deepen our impact as regulators unlock digital onboarding and modern payment frameworks across Egypt and the region.”
Navigating Egypt’s Evolving Fintech Regulations
The investment comes as Egypt’s fintech sector undergoes significant regulatory shifts. Advances in digital onboarding, payments infrastructure, and the introduction of Payment Service Provider (PSP) licensing are creating new opportunities for established platforms.
Lucky is actively working toward obtaining a PSP license, which would allow the company to broaden its service stack beyond consumer credit and offer more extensive digital financial services. This positions Lucky to capitalize on the country’s push for a more digital and financially inclusive economy, aligning its growth with the Central Bank of Egypt’s vision.
About Lucky
Founded in 2019, Lucky is a Cairo-based financial technology company. The platform provides a consumer credit network that offers cashback, instalments, flexible financing solutions, credit lines, and cards to its user base in Egypt.
Source: Wamda