Egyptian fintech firm Lucky partners with Khazenly

Egyptian fintech company Lucky will offer Khazenly’s customers and merchants a series of special offers as part of the agreement.

Egyptian fintech firm Lucky has signed a partnership agreement with Egyptian on-demand warehousing and fulfillment platform, Khazenly. Lucky is a digital rewards app, users of which enter a points reward system to obtain discounts on purchases from over 20,000 local and international brands.

Special offers

The partnership will allow Khazenly’s customers and merchants to access special privileges and offers from Lucky. For example, Khazenly’s clients and partners will be able to make use of the Lucky One card free of charge, benefiting from 5% cashback on any purchase with the option of paying for products in installments. Founded in 2021 by Mohamed Younes, Osama Aljammali, Mohamed Montasser and Ahmed Dewidar, Khazenly currently provides e-commerce merchants with an omnichannel solution to help digitize their fulfillment processes.

“At Khazenly, customer centricity is in the core of our values. This is why we are aiming to expand our partnerships and collaborations with the market leaders in the coming period to ensure our service/product offering to our customers is enabling them to grow their business and scale,” said Salma El-Guendy, Head of Marketing at Khazenly.

“We are happy to partner with Khazenly, which supports facilitating the monetary transactions for Khazenly’s network of merchants and providing them with various financial services, as well as providing benefits to our clients according to their needs,” said Antony Sobhy, Head of Business Development at Lucky.

Funding secured

In March, PayU, a unit of South African multinational holding company, Nasper’s Ltd., and Egypt’s largest bank, National Bank of Egypt, invested in Lucky to support its expansion across the MENA region and the strengthening of its credit capabilities.

Khazenly also secured funding earlier this year, having succeeded in a USD 2.5 million Seed raise to further develop its products and services and increase its facilities across Egypt. Investors included Shorooq Partners, one of the MENA region’s leading tech VCs.

Egyptian fintech performing strongly

According to Magnitt, a regional startup platform, fintech and e-commerce continue to represent two of the largest sectors for investment in the MENA region. Regional fintech firms raised close to USD 1.7 billion in the first half of 2022, with e-commerce raising USD 501 million. In addition, Africa continues to perform well in terms of FDI, with Egypt leading the way. In the first half of 2022, nearly half of the 67 exits closed across the MENAP region were undertaken by Middle Eastern startups.