Egypt-based fintech company Lucky One has announced that it secured USD 3 million in funding, aiming to leverage the capital to further expand its discounts and credit platform. Coming in the form of a convertible note, the newly obtained capital injection was received in a funding round in which participated existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures.

Centring its efforts on becoming profitable by the first quarter of 2025, Lucky One plans to leverage the funds to expand its credit services and further advance its operations. According to Lucky One’s officials, by closing this round, the company is set to work towards achieving its development plans, as it supports its commitment to offering accessible consumer credit solutions to unbanked Egyptians. In addition, the funding round underscores investors’ interest in Lucky One and its solutions, while solidifying the firm’s allegiance to obtaining sustainable profitability and creating value in the Egyptian market.

Lucky One’s capabilities and development strategy Founded in 2019 by Dsquares, an Egyptian loyalty and rewards solutions provider, Lucky One was introduced as a consumer product that allowed users to access cashback, discounts, and rewards. Since its inception, the product was developed to provide a physical card and credit, in the form of instalments on shopping with the firm’s partners. At the time of the announcement, Lucky One provided rewards and offers at nearly 10,000 websites and stores, with its solutions being available in both Egypt and Morocco.

As part of its offering, the firm delivers online cashback for several use cases, including automotive, beauty, health, and cosmetics, as well as travel and entertainment, and sports and fitness. Representatives from Lucky One highlighted that, on its journey to sustainable profitability, the firm utilises its collection processes and rates to scale its consumer credit vertical and ensure timely and efficient offerings. Also, Lucky One intends to further grow its footprint and enter new markets in the region in the upcoming period. However, the company did not mention further details about its strategy, nor the additional regions in which it aims to deliver its solutions.

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