Africazine:
Egypt’s fintech sector is gaining momentum with significant investment.
Lucky, an Egypt-based fintech, has successfully raised million in a Series B funding round. This funding, which includes both equity and debt, aims to enhance its credit offerings and expand operations throughout North Africa.
Lucky’s Ambitious Expansion Plans in North Africa
The funding round saw participation from notable investors, including Disruptech Ventures, Development Partners International (DPI) via its Nclude platform, Suez Canal Bank, and OneStop. Mohamed Farouk, a leading investor, has been appointed as the chairman of Lucky’s board, signaling strong backing for the company’s growth strategy.
With the new capital, Lucky plans to strengthen its credit products and invest in technology infrastructure. This investment is crucial as the company prepares for regulatory changes related to digital banking and payments in Egypt.
Egypt: Key figures on Series B Funding
- million
Regulatory Developments and Future Goals
Lucky is actively pursuing a payment service provider (PSP) license, which will allow it to expand its digital financial services in accordance with evolving regulations. This move aligns with Egypt’s broader digital finance agenda, where regulators are introducing frameworks to enhance financial inclusion and support fintech growth.
Next Steps for Lucky
- Strengthening credit products
- Investing in technology infrastructure
- Obtaining a payment service provider license
- Preparing for regulatory developments in digital banking
Lucky’s funding marks a significant step in enhancing Egypt’s fintech landscape.
