Egyptian consumer credit fintech Lucky has raised $23 million in a Series B round combining equity and debt, with participation from Disruptech Ventures, DPI via the Nclude fund, Suez Canal Bank and OneStop. Mohamed Farouk, the tech investor who chairs OneStop, has been appointed Chairman of Lucky's board as part of the transaction.
The company said it achieved three times annual growth in 2025 and reached profitability by the end of the year. The new capital will fund expansion of its credit product suite, entry into select North African markets and infrastructure investment as Lucky positions itself toward becoming what it describes as a neo-banking-ready platform. The company has begun work toward obtaining a Payment Service Provider licence under Egypt's evolving regulatory framework.
Lucky provides a consumer credit app offering cashback, instalments and flexible financing through a card that works across merchant networks. The company was co-founded in 2018 by Momtaz Moussa and Ayman Essawy in Cairo and has built partnerships with merchants and financial institutions across Egypt, serving what it describes as a rapidly growing user base.
The Series B follows a $3 million convertible note in August 2024 from Lorax Capital Partners, KEM and Disruptech Ventures, which was raised to scale Lucky's credit vertical on its path to profitability. Lucky's Series A closed at $25 million in 2022, led by Nclude (then under the stewardship of Global Ventures) with participation from PayU, Endeavor Catalyst, VentureSouq, OTF Jasoor Ventures, Arzan Capital and Disruptech. DPI, the UK-based Africa-focused private equity firm, took over investment advisory responsibilities for Nclude earlier this year.
The founding team has evolved since the earlier rounds. Co-founder Momtaz Moussa served as CEO from December 2018 until December 2024, when he transitioned to a board member role. Essawy, previously co-founder and chairman, has since taken over as CEO.
Essawy is also the co-founder of Connect Money, the Egyptian embedded finance startup that raised an $8 million seed round in mid-2024 from Disruptech Ventures, Algebra Ventures and Lorax Capital Partners to enable non-bank businesses to issue white-label debit and credit cards. He is also part of the team behind DSquares, a loyalty platform provider with operations across several markets that has been exploring an IPO in Saudi Arabia.
Lucky's North African expansion builds on earlier operations in Morocco, where the company first entered in 2022 following its Series A.
