Egyptian fintech Fortunate One raises $3 million in contemporary funds to develop its reductions and credit score platform 

Cairo-based fintech Fortunate One has raised $3 million in contemporary funds from current traders; together with Lorax Capital Companions, KEM, and DisrupTech Ventures, it introduced in an announcement on Tuesday. The financing got here within the type of a convertible word.

Fortunate One was began in 2019 by Dsquares, an Egyptian loyalty and rewards options supplier. Dsquares was a business-to-business agency and had constructed a big community of companions for reductions and rewards. It used this community to launch Fortunate as a client product that enabled customers to entry cashback, reductions, and rewards.

The product has advanced to now supply a bodily card and credit score (within the type of installments on procuring with its companions).

In response to its web site, Fortunate One gives rewards and gives at over 10,000 web sites and shops. It claims to have the most important service provider community in Egypt. Its providers are additionally accessible in Morocco.

The startup goals to be worthwhile by the primary quarter of 2025, it mentioned in an announcement, including that it plans to make use of the most recent funds to develop its credit score providers.

Momtaz Moussa, co-founder and CEO of Fortunate One, mentioned, “We’re thrilled to have efficiently closed this spherical, which is able to gas our formidable development plans and assist our mission of offering accessible client credit score options to underbanked Egyptians. This spherical reaffirms the belief our traders have positioned in us and solidifies our dedication to reaching sustainable profitability whereas creating true worth within the Egyptian market.”

“On our path to sustainable profitability, Fortunate is leveraging its stable assortment processes and low default charges to ultra-scale our client credit score vertical to make sure well timed and efficient choices,” he added.

Fortunate One additionally plans to develop to different markets of the area over the subsequent two years, it famous in an announcement, with out sharing additional particulars about its plans.

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