A unit of Naspers Ltd., Africa’s largest company by value, and Egypt’s largest bank, invested in Lucky to help the North African nation’s fintech startup expand into the region and the Middle East.
Lucky, which considers Lorax Capital an investor, has raised $25 million in the funding round led by Nclude, the startup said in a statement. Naspers unit PayU, Global Ventures, National Bank of Egypt, Venture Souq, Banque Misr, Banque du Caire, Endeavor Catalyst, OTF, Arzan Capital and Disruptech were among the other lenders. The company offers credit products and manages cash back rewards.
Lucky is prioritizing markets with sizeable populations, low credit penetration and similar macroeconomic dynamics to Egypt’s, said co-founder and Chief Executive Officer Momtaz Moussa in response to questions by email.
Investors from around the world are increasingly targeting African startups – both fintech and companies providing last-mile deliveries – to capitalize on the vast numbers of both online and unbanked people in the continent’s 1.4 billion people. Earlier this month, US private equity firms Tiger Global and Avenir Growth Capital led a funding round for Kenyan e-commerce platform Sokowatch at a valuation of $625 million.
This post Naspers Unit, Egypt’s largest bank, invests in fintech company Lucky was original published at “https://www.bloombergquint.com/markets/naspers-unit-egypt-s-biggest-bank-invest-in-fintech-firm-lucky”