Popular Egyptian fintech platform, Lucky has secured $25 million in Series A funding led by Nclude by Global Ventures and two major Egyptian banks - Banque Misr, National Bank of Egypt, and Banque du Caire.

The fintech platform offers credit goods, discounts, and cashback rewards for users and is very popular among Egyptians and the MENA region. This will also be known as the largest fundraising round in Egypt's Fintech Series A round to date.

Other investors in this round include PayU, a Prosus-owned Fintech firm focused in emerging countries, Endeavor Catalyst, Venture Souq, OTF, Arzan Capital, DisruptechVentures, and Lorax Capital Partners.

According to the startup, the funds will be used to improve Lucky’s market leadership and expand its credit capabilities and offerings across Egypt.

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Lucky was launched in Egypt in 2018 by Momtaz Moussa and Ayman Essawy. The platform has also remarkably developed quickly since it launched and is now one of Egypt's largest merchant networks.

The company wants to also change the way people in the Middle East and North Africa go about their shopping and payment offering as well as saving - this is chiefly due to the fact that in the MENA region, people have originally lacked access to credits.

However, with Lucky's flexible credit solutions, people in this region can now leverage their offerings and shop more, pay more and even have access to credit facilities. The startup has over eight million registered members which it links to a growing selection of simple financing options, discounts, and cashback benefits that can be utilised by customers, either in-person or online with its over 20,000 local and global merchants.

Speaking about this round of funding, Ayman Essawy, co-founder of Lucky said: “We look forward to continuing our quick growth, boosting our 8 million subscriber base, and expanding our credit capabilities with the support and advice of our investors.”