Lucky Raises $22M for North African Credit Expansion

Egyptian fintech innovator Lucky has successfully closed a $22 million Series B funding round, signaling a significant push to broaden its credit accessibility initiatives across North Africa. This capital infusion is earmarked for enhancing its core credit offerings, facilitating regional expansion, and bolstering its operational infrastructure, including licensing and regulatory compliance, as it advances towards a neo-banking model.

The funding round saw participation from a mix of existing and new investors, underscoring strong confidence in Lucky's growth trajectory. Key contributors include Disruptech Ventures, DPI Venture Capital through its Nclude fund, and strategic investments from Suez Canal Bank and OneStop. The latter is notably chaired by prominent tech investor Mohamed Farouk, who has also assumed the role of Chairman of the Board for Lucky App, bringing valuable strategic oversight.

Founded in 2019 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky has evolved from a cashback and rewards platform into a comprehensive consumer credit network. Its platform empowers millions of users to manage finances, track spending, and access tailored credit solutions. The company's product suite now includes the Lucky card, instant credit lines, and an extensive discount network, designed for everyday use with high acceptance rates and straightforward approval processes.

This latest funding milestone follows a period of robust performance for Lucky. The company reported a threefold annual growth in 2025 and achieved profitability by the close of the same year, solidifying its standing in the consumer credit sector. Lucky's expansion aligns with Egypt's national agenda to foster a digital economy and enhance financial inclusion, mirroring the Central Bank of Egypt's strategic objectives.

The strategic deployment of these funds will focus on scaling Lucky's credit products, a critical move in a region where access to flexible financial tools remains a key development driver. The expansion into new North African markets is expected to leverage the company's proven model, adapting it to diverse consumer needs and regulatory environments. Furthermore, investments in technology and regulatory preparedness are crucial for navigating the evolving fintech landscape and preparing for future banking services.

Ayman Essawy, CEO of Lucky, highlighted the significance of this funding, stating, "With Mohamed Farouk’s vision, Lucky is well positioned to advance inclusive digital finance. 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. Lucky removes complexity from credit and opens it up to more people, leveraging its advanced technology and AI capabilities. With a card that works anywhere and anytime, we help individuals move forward confidently." The company's focus on leveraging AI to simplify credit access addresses a significant market gap, particularly for underserved populations.

The broader fintech sector in North Africa is experiencing dynamic growth, driven by increasing smartphone penetration, a young demographic, and supportive government initiatives aimed at digital transformation. Lucky's expansion strategy taps into this fertile ground, aiming to capture a significant share of the growing demand for digital financial services. The company's success in Egypt provides a strong blueprint for replicating its model in neighboring markets, potentially accelerating financial inclusion across the region.