New Funding Round Details
Cairo-based fintech startup Lucky One has raised $3 million in a new funding round. On Tuesday, the company announced that it secured this financing through a convertible note. Existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures, led the round.
Evolution from Loyalty Solutions to Consumer Credit
Dsquares founded Lucky One in 2019 as a provider of loyalty and rewards solutions. Initially, Lucky One leveraged its network of discount and rewards partners to launch as a consumer product. Over time, the company evolved to offer a physical card and installment-based credit options for shopping with its partners.
Impressive Network and Regional Expansion
Lucky One now provides rewards and offers at over 10,000 websites and stores, giving it the largest merchant network in Egypt. Additionally, the company has expanded its services into Morocco, showcasing its growing regional presence.
Path to Profitability and Future Plans
The fintech startup aims to achieve profitability by the first quarter of 2025. To support this goal, the company will use the new funds to enhance its credit services and drive expansion efforts.
CEO’s Statement on Funding and Growth
Momtaz Moussa, co-founder and CEO of Lucky One, expressed excitement about the new funding. “We are thrilled to close this round successfully. This funding will drive our ambitious growth plans and support our mission to provide accessible consumer credit solutions to underbanked Egyptians. Our investors’ trust reaffirms our commitment to achieving sustainable profitability while creating true value in the Egyptian market.”
Additionally, Moussa emphasized that the company will leverage its solid collection processes and low default rates to scale its consumer credit services effectively.
Looking Ahead: Regional Expansion Plans
Lucky One plans to extend its reach to other regional markets over the next two years. However, the company has not yet disclosed specific details about these plans.
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