LuckyOne raises $3M convertible note to scale Egypt consumer credit
What's the deal? Cairo-based consumer credit fintech LuckyOneDealroom has a profile for this one. Try Dealroom → has raised $3M in a convertible note from existing investors Lorax Capital PartnersDealroom has a profile for this one. Try Dealroom →, KEM, and DisrupTech VenturesDealroom has a profile for this one. Try Dealroom →. The company plans to use the funds to expand its credit lending services across Egypt and reach profitability by Q1 2025.
Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, LuckyOne offers lending, discounts, and cashback rewards. It has connected over eight million users to credit products and deals across tens of thousands of local and global brands.
The company currently operates in Egypt and Morocco.
Why now? LuckyOne says it is scaling its credit vertical aggressively, leveraging what it describes as solid collection processes and low default rates. The convertible note structure suggests the company is bridging toward a larger priced round once it hits its profitability target.
"We are thrilled to have successfully closed this round, which will fuel our ambitious growth plans and support our mission of providing accessible consumer credit solutions to underbanked Egyptians," said co-founder and chief executive officer Momtaz Moussa.
What could go wrong? Egypt's macroeconomic environment remains volatile, with currency devaluations and high inflation squeezing consumer purchasing power — the very thing LuckyOne aims to boost. Scaling a credit business in that context carries real risk around defaults and repayment capacity, regardless of current performance.
The company also faces growing competition in the Egyptian fintech space, where several players are chasing the same underbanked population.
The signal: All three backers — Lorax Capital Partners, KEM VenturesDealroom has a profile for this one. Try Dealroom →, and DisrupTech Ventures — are repeat investors in LuckyOne, doubling down via a convertible note rather than a priced equity round. That structure, paired with the company's stated aim to hit profitability by Q1 2025, suggests the investors are betting on near-term unit economics rather than subsidising open-ended growth — a calculus that has come to define post-2022 MENA fintech funding.
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