Egyptian fintech startup Lucky secures approval to launch payments card

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Egyptian fintech startup Lucky has secured final approval from the Central Bank of Egypt (CBE) to launch the “Lucky One” card for all its customers.

Founded in 2018 by Momtaz Moussa and Ayman Essawy, Lucky offers users access to a growing range of easy-to-use credit products, discounts, and cashback rewards, which can be used in person and virtually with over 20,000 local and global brands. 

The startup has grown rapidly since inception, and now has the largest merchant network in Egypt as well as over eight million registered users. It has seen 250 per cent year-on-year growth in gross merchandise value, and recently expanded into Morocco.

In March, Lucky raised a US$25 million Series A funding round to build out its credit capabilities, expand its market share, and drive further overseas growth. It has now followed that up by securing final approval from the CBE to launch the Lucky One card to all customers.

Launched in collaboration with Mashreq Bank, Meeza and MDP, the card is specifically designed to offer market-leading cashback rewards, as well as numerous additional features including mobile bill payments, withdrawal, and deposits. 

Users of the Lucky One card will have access to several benefits including the ability to withdraw and deposit, pay using the card at any merchant, and earn up to five per cent cashback on every transaction.

“Lucky’s mission is to support the fintech ecosystem; and to bring a seamless shopping, saving and payment experience by providing the underbanked users with the banking experience that they never had before,” Essawy said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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