Egyptian consumer credit startup Lucky has successfully raised $23 million in Series B funding, a significant step intended to fuel its ambitious expansion across North Africa and facilitate the development of new, comprehensive banking services. This funding round encompassed both equity and debt financing, attracting capital from a mix of existing and new investors. Notable participants in this round included Disruptech Ventures, DPI Venture Capital, which invested through its Nclude fund, Suez Canal Bank, and the investment firm OneStop. Reflecting this new investment and strategic direction, Mohamed Farouk, who serves as the chairman of OneStop, has joined Lucky’s board of directors, assuming the role of the new chairman.

Founded in Cairo in 2019, Lucky initially entered the market as a cashback and rewards platform. Over time, the company strategically pivoted its core business model to focus primarily on consumer credit. This shift has enabled Lucky to now offer instant credit lines and issue a proprietary payment card to its growing user base. A testament to its robust business model and efficient operations, the company achieved profitability by the end of 2025, concurrently tripling its typical annual growth rate. Unlike many startups that prioritize extensive customer acquisition and incur substantial pre-profit expenditures, Lucky has distinguished itself by achieving profitability with remarkable speed.

The newly secured funding is earmarked for several critical initiatives. Primarily, it will be channeled into expanding Lucky’s core consumer credit business. Additionally, a significant portion will support the company’s strategic entry into new markets across North Africa, although specific target countries have not yet been publicly disclosed. Ayman Essawy, CEO of Lucky, emphasized the company’s innovative approach, highlighting its use of artificial intelligence and advanced risk-assessment technology to extend credit access to individuals who traditionally face barriers to obtaining services from conventional banking institutions. Essawy articulated the company’s vision, stating, “Financial access is the foundation of progress.” He further elaborated on the implications of the funding, adding, “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.”

Beyond its current lending activities, Lucky is proactively working towards a significant transition into a full-fledged digital bank. As part of this strategic evolution, the company is in the process of applying for a Payment Service Provider (PSP) licence from Egypt’s Central Bank. Obtaining this licence would be a pivotal step, enabling Lucky to significantly broaden its portfolio of financial products and services. This move is supported by Egypt’s updated regulatory landscape, which has notably simplified the process for fintech companies to offer a wider array of banking services. The introduction of streamlined digital onboarding processes and modern payment systems is effectively reducing barriers for emerging startups, empowering them to directly compete with established banks.

Mohamed Farouk commented on the factors that attracted the significant investment, attributing it to the company’s strong financial performance and the inherent strength of its product offerings. Farouk stated, “Lucky has demonstrated disciplined growth and a strong product-market fit,” further noting that the platform is strategically positioned to capitalize on the burgeoning growth in both consumer credit and neo-banking sectors throughout the region. Lucky’s expansion plans are indicative of a strong confidence in North Africa’s consumer credit market and a clear recognition of the increasing demand for digital banking alternatives. This Series B funding round critically positions Lucky to effectively compete with both long-standing banks and other agile fintech startups within Egypt’s increasingly favorable regulatory environment for digital financial services.