{"id":638019,"date":"2024-08-07T00:00:00","date_gmt":"2024-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/local-fintech-player-lucky-one-raises-usd-3-mn-in-convertible-note-funding\/"},"modified":"2024-08-07T00:00:00","modified_gmt":"2024-08-07T00:00:00","slug":"local-fintech-player-lucky-one-raises-usd-3-mn-in-convertible-note-funding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/07\/local-fintech-player-lucky-one-raises-usd-3-mn-in-convertible-note-funding\/","title":{"rendered":"Local fintech player Lucky One raises USD 3 mn in convertible note funding"},"content":{"rendered":"

Lucky One raises USD 3 mn:<\/strong> Local consumer credit fintech player Lucky One<\/a> has raised USD 3 mn in a convertible note from existing investors that include local fintech- and tech-focused VC DisrupTech Ventures, Egypt-focused private equity firm Lorax Capital Partners, and KEM, the company said in a press release (pdf)<\/a> yesterday. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

SOUND SMART- <\/strong>A convertible note is a type of financing used by startups to raise early-stage capital. Think of it as a bridge loan that can transform into equity or ownership in the company at a later date \u2014 investors give money to the startup, which can either be repaid or converted into shares in the company later on.<\/p>\n

What\u2019s next: <\/strong>The new financing round will enable the startup to scale up its credit lending offering to users in Egypt. The startup also has plans to expand throughout the region over the coming 24 months, the release said, without mentioning what specific markets the company is looking to enter. <\/p>\n

Lucky One?<\/strong> Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky One is an app that offers \u201cfinancial flexibility and increased spending power\u201d through its lending scheme, as well as offers and cashbacks for over 100 websites. The company in 2022 launched<\/a> its Lucky One Card, which allows customers to access cashback rewards, pay mobile bills, and withdraw and deposit funds. It has since expanded its operations both in Egypt and in Morocco, and is now looking to scale its credit vertical as it looks to achieve profitability by the beginning of next year, the release said.<\/p>\n

What they said:<\/strong> \u201cOn our path to sustainable profitability, Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings,\u201d CEO Momtaz Moussa said<\/p>\n

**We sat down with Lucky One Co-Founder Ayman Essawy <\/strong>for our Founder the Week column in 2022. Check out the interview here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financing round will enable the startup to scale up its credit lending offering to users in Egypt<\/p>\n","protected":false},"author":1,"featured_media":638020,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,183,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-638019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"714a537d-ee94-4b28-bec2-d282939f29b6","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/536.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian fintech player Lucky One raises USD 3 mn in convertible note funding","related_issue":[638005],"teaser":"The financing round will enable the startup to scale up its credit lending offering to users in Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.f3f12a56-e4e8-4121-b905-e73d7e1baec9.mp3"},"yoast_head":"\nLocal fintech player Lucky One raises USD 3 mn in convertible note funding - 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The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":668913,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/23\/local-fintech-flend-raises-usd-3-mn-seed-round-to-fund-national-expansion\/","url_meta":{"origin":638019,"position":1},"title":"Local fintech Flend raises USD 3 mn seed round to fund national expansion","author":"enterpriseam admin","date":"23 July 2025","format":false,"excerpt":"The equity round was led by Egypt Ventures","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1463.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619726,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/09\/fintech-startup-mnzl-raises-usd-3-5-mn-in-funding-round\/","url_meta":{"origin":638019,"position":2},"title":"Fintech startup Mnzl raises USD 3.5 mn in funding round","author":"enterpriseam admin","date":"9 May 2024","format":false,"excerpt":"Mnzl provides affordable credit solutions by leveraging assets such as homes and cars","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/5\/519.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545519,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-funding\/","url_meta":{"origin":638019,"position":3},"title":"Fintech app Khazna raises USD 38 mn in series A funding","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Local fintech startup Khazna has raised USD 38 mn in equity and debt in a series A funding round, according to a press release (pdf). The round was led by US-based Quona Capital and includes previously announced funding from Nclude \u2014 the new USD 85 mn fintech fund launched by\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/84.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560757,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/11\/fintech-startup-dayra-raises-usd-3-mn-in-pre-seed-funding-round\/","url_meta":{"origin":638019,"position":4},"title":"Fintech startup Dayra raises USD 3 mn in pre-seed funding round","author":"enterpriseam admin","date":"11 March 2021","format":false,"excerpt":"Egyptian fintech startup Dayra has closed a USD 3 mn pre-seed funding round that includes both equity and debt financing, according to a company press release (pdf). 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