Egyptian consumer credit startup Lucky has raised a $23m Series B funding round, comprising a mix of equity and debt, as it prepares to expand across North Africa and pivot toward neo-banking.
The round was backed by a syndicate of existing and new investors, including Disruptech Ventures and DPI Venture Capital via the Nclude fund. The fundraise also brought in strategic capital from Suez Canal Bank and investment firm OneStop.
Alongside the injection of capital, OneStop chairman Mohamed Farouk has been appointed as the new chairman of Lucky’s board.
Path to profitability
Founded in 2019 as a cashback and rewards platform, Cairo-based Lucky has since transitioned into a consumer credit network, offering instant credit lines and a dedicated payment card.
The Series B round follows a period of notable financial maturation for the company. Counter to the broader venture trend of high cash burn to acquire market share, Lucky reports that it achieved 3x annual growth in 2025 and reached profitability by the end of the calendar year.
The fresh capital will be deployed to scale these core consumer credit offerings and finance the company’s expansion into new, currently undisclosed markets within North Africa.
Pivoting to neo-banking
Beyond geographic expansion, Lucky is retooling its infrastructure to support a broader suite of financial products. The company is actively pursuing a Payment Service Provider (PSP) license to align with the Central Bank of Egypt’s recent regulatory frameworks.
Securing the PSP license is a necessary step in Lucky’s stated goal of evolving from a credit provider into a comprehensive neo-banking platform. Recent regulatory updates in Egypt — specifically the introduction of digital onboarding and modernized payment infrastructures — have lowered the barrier to entry for fintechs looking to offer primary banking services.
“Financial access is the foundation of progress,” said Ayman Essawy, CEO of Lucky. “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.”
Essawy noted that the company will continue to rely on proprietary AI and risk-assessment technology to underwrite consumers who have historically been excluded from formal credit channels.
Commenting on his appointment and the firm’s trajectory, newly appointed chairman Mohamed Farouk pointed to the company’s unit economics as a primary driver for the strategic investment. “Lucky has demonstrated disciplined growth and a strong product-market fit,” Farouk said, adding that the platform is now positioned to capitalize on the “next phase of consumer credit and neo-banking in the region.”