Lucky accelerates its growth and surpasses 10 million users in Egypt

Lucky, Egypt’s fast-growing fintech platform for credit products, offers and cashback rewards in the Middle East, has revealed that more than 10 million people are using its platform as of September.

The surge in clientele follows the recent launch of the start-up’s ‘Lucky One Card’ in June. The card is curated to design a seamless shopping experience for its users while enabling shoppers to earn up to five per cent cashback on every transaction the highest cashback percentage in Egypt.

Co-founder and CEO of Lucky, Momtaz Moussasaid, said: “Reaching this milestone signifies immense trust and recognition from our customers, something we are honoured to have earned and excited to keep and build upon as we continue to improve our user experience and grow our product offerings. This is our first 10 Million registered users, and we are excited to earn the trust of many more.”

Since its inception in 2019 in Egypt, Lucky has been striving to provide financial flexibility and increased purchasing freedom to the Mena region, where, traditionally, plenty of consumers have had no access to credit.

This year, Lucky has stepped up its commerce game, aspiring to reach more than 40,000 merchants. In addition, it secured $25 million in Series A funding from an eclectic mix of reputable investors to expand its services into Morocco.

Another Lucky’s co-founder and general manager, Ayman Essawy, said: “Lucky’s sustained growth is a testament to the team’s strategic excellence and customer-centric approach. Our journey to bridging the consumer credit gap; and revolutionising the way people shop, pay and save has only just begun. We look forward to the next chapter of deepening relationships with our existing customers, rapidly growing our user base, and providing additional services that make our customers’ financial lives easier.”

According to a recent report by Fintech Egypt, fintech and fintech-enabled investments in the country reached an all-time high of almost $167 million in a total of 31 deals between January and June this year.