Egyptian Fintech Lucky Raises $23M Series B To Become A Digital Bank In North Africa

Egyptian consumer credit startup Lucky has raised $23 million in Series B funding to expand across North Africa and develop new banking services.

The funding round combined equity and debt financing from existing and new investors, including Disruptech Ventures, DPI Venture Capital through the Nclude fund, Suez Canal Bank, and investment firm OneStop. Mohamed Farouk, chairman of OneStop, joined Lucky’s board as the new chairman.

Founded in Cairo in 2019, Lucky started as a cashback and rewards platform before shifting its focus to consumer credit. The company now offers instant credit lines and a payment card to users.

The company became profitable at the end of 2025 and tripled its typical annual growth.” Unlike many startups that focus on customer acquisition and spend a lot before earning profits, Lucky achieved profitability quickly.

The company will use the new funding to grow its consumer credit business and enter new markets in North Africa, though the target countries have not been disclosed.

Ayman Essawy, CEO of Lucky, said the company uses artificial intelligence and risk-assessment technology to provide credit to people who cannot access traditional banking services.

“Financial access is the foundation of progress,” Essawy said. “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.”

Lucky to transition into a digital bank

Lucky is working to expand beyond lending into broader banking services. The company is applying for a Payment Service Provider licence from Egypt’s Central Bank, which would allow it to offer more financial products.

Egypt’s updated regulations now simplify the process for fintech companies to offer banking services. Simplified digital onboarding and payment systems reduce barriers for startups aiming to rival established banks.

Mohamed Farouk said the company’s profitability and product strength attracted the investment.

“Lucky has demonstrated disciplined growth and a strong product-market fit,” Farouk said. He also added that the platform is positioned to capitalise on consumer credit and neo-banking growth in the region.

Similar read: Egypt’s Flextock raises $12.6M Series A led by TLcom to boost e-commerce platform across MENA

Lucky joins a growing number of African fintech companies pursuing banking licences to offer comprehensive financial services beyond their original products.

The company’s expansion plans signal confidence in North Africa’s consumer credit market and demand for digital banking alternatives.

The Series B raise positions Lucky to compete with established banks and other fintech startups as Egypt’s regulatory environment becomes more favourable to digital financial services.