Egypt FinTech Rewards App Lucky Grabs $25M in Series A Funding Round

Egyptian cash back rewards app Lucky on Monday (March 21) wrapped up a $25 million fundraising round that is the largest Series A funding effort for a FinTech in that country, according to a Tech Funding News report.

Nclude, by MEA-focused venture capital firm Global Ventures, led Lucky’s fundraising effort, the report said, with lead investors Banque Misr, National Bank of Egypt, Banque du Caire — Egypt’s largest national banks — and Global Ventures.

FinTech PayU, Venture Souq, Oman Technology Fund, Arzan capital and Disruptech Ventures, major shareholder Lorax Capital Partners and existing investors also contributed.

“The MENA region’s huge unbanked, young population and the cash-dominated economy is a significant market opportunity for us,” said Momtaz Moussa, co-founder of Lucky, in the report. “With the backing of such esteemed investors, we are perfectly positioned to build on our momentum, cement our position as market leader and expand our current offering.”

Lucky will use the fresh capital to build its credit capabilities as customers become more educated and experienced using credit.

“We look forward to continuing our rapid growth, increasing our 8 million-strong active user base and building out our credit capabilities with the support and guidance of our investors,” said Ayman Essawy, co-founder of Lucky, in the report.

Related: National Bank of Egypt, Others Launch Nclude Venture Fund Aimed at Young Innovators

Banque Misr, National Bank of Egypt and Banque du Caire launched Nclude earlier this month in partnership with Global Ventures. It will focus on FinTech startups in the Middle East and Africa, according to the press release announcing it.

The fund, which focuses on accelerating FinTechs and driving financial inclusion, has already made four investments. Per the release, investments have gone towards financial “super app” Khazna, consumer FinTech app Lucky, agri-FinTech platform Mozare3 and Paymob, a digital payment service provider.

The three banks will put in an initial investment equal to $85 million. Other investors, including eFinance Investment Group and Egyptian Banks Company, are part of the investment group, and there could be more investments in the future.