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RIYADH: A unit of South African multinational holding company, and Egypt’s largest bank, Naspers Ltd, has invested in Egyptian fintech firm Lucky to boost its expansion in the North African and Middle East region, Bloomberg reported.
The app for credit products, offers, and cashback rewards has secured $25 million in the funding round, led by Nclude.
Other parties that participated in the round included PayU, Global Ventures, National Bank of Egypt, Venture Souq, Banque Misr, Banque du Caire, among several others.
“Lucky is prioritizing markets with a sizable population, low credit penetration and similar macroeconomic dynamics to Egypt,” Bloomberg reported, citing Co-founder and Chief Executive Officer Momtaz Moussa.
Worldwide, there has been rising interest in fintech and last-mile-delivery African startups to capitalize on the massive number of individuals without bank accounts in the continent.
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