Lucky ONE, an Egyptian consumer credit fintech, has successfully raised $3 million in a convertible note, which it says is a significant step towards profitability by the first quarter of 2025.

This week, the fintech announced that existing investors such as Lorax Capital Partners, KEM, and DisrupTech Ventures had participated in the funding round.

The new funds will be used to expand Lucky ONE's credit lending services, reinforcing the business's position as a major participant in Egypt's consumer credit sector, the company stated.

It also added that this move is consistent with the country's national financial inclusion plan, which seeks to expand access to credit services for the underbanked population.

Momtaz Moussa, co-Founder and CEO of Lucky ONE, said: “This round reaffirms the trust our investors have placed in us and solidifies our commitment to achieving sustainable profitability while creating true value in the Egyptian market.”

Moussa discussed the company's plan for effectively and efficiently scaling its consumer credit offerings by using its collection methods and low default rates.

“On our path to sustainable profitability, Lucky is leveraging its solid collection processes and low default rates to ultra-scale our consumer credit vertical to ensure timely and effective offerings,” he added.

Lucky ONE's co-founder and chairman, Ayman Essawy, would be in charge of licensing, regulatory affairs, strategic alliances, and investor relations, the business said.

Essawy emphasised the company's dedication to profitability and laid out goals for regional market expansions over the following 24 months.

Mohamed Sayed, general manager of Lucky ONE, added: “The traction built by Lucky ONE over the past five years has geared us to take the next step towards offering a comprehensive range of financial services.”