Nearly three weeks after Lucky, an Egyptian cash back rewards app, closed a $25 million fundraising round, the startup is planning to lead the sector in the Middle East and Africa (MENA), DistruptAfrica.com reported Friday (April 8).
Founded by Momtaz Moussa and Ayman Essawy in 2018, Lucky provides credit products, discounts and cash back rewards, available from more than 20,000 local and global brands.
Last month, Lucky completed a Series A funding round which included investments from venture capital firm Global Ventures, Banque Misr, National Bank of Egypt and Banque du Caire. Also participating were FinTech PayU, Venture Souq, Oman Technology Fund, Arzan Capital, Disruptech Ventures and shareholder Lorax Capital Partners.
Today, with more than 8 million users, Lucky has seen 250% year-over-year growth in merchandise value and has expanded to Morocco.
“We offer credit, cash accounts with rewards, bill payment programs and even pay later features, all with seamless app-based application and account management,” Moussa told the news outlet.
Users of the firm’s financial products also get access to exclusive offers and savings on clothing, food and electronics through Lucky’s merchant network, he added. The network includes more than 30,000 partners like Amazon, Jumia, Nike, Booking.com, KFC, Burger King, Sketchers and more.
Moussa and Essawy, serial entrepreneurs, built Dsquares, a B2B customer loyalty program. At Lucky, they are seeking MENA’s 250 million underbanked consumers, which refers to anyone who lacks access to credit. The duo said they built Lucky to address that gap in a comprehensive way. They are not interested in a cut-and-paste approach.
“We’re building an ecosystem that addresses the specific needs of the region,” Moussa said in the report.
