Egypt-based fintech SETTLE has successfully secured $2 million in a pre-seed funding round, spearheaded by Shorooq Partners and backed by investors such as El Sewedy Capital Holding, Acasia Ventures, and Plus VC. Founded in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a B2B web-based payment platform aimed at modernizing financial operations for businesses.
With the fresh capital, SETTLE plans to accelerate its global market entry and further enhance its platform, enabling CFOs and business owners to make informed decisions using real-time financial data. Despite being in the pre-launch phase, SETTLE has already processed over E£50 million in transactions across sectors like construction, energy, and contracting.
SETTLE aims to bring B2B payments into the digital age by integrating with top Egyptian banks through the Automated Clearing House (ACH). The platform connects enterprise resource planning (ERP) systems like Oracle and SAP to companies’ bank accounts, automating payments, receivables, and treasury management. This integration offers businesses increased control, reducing operational errors by up to 90% and cutting the workload by as much as 70%.
According to Shorooq Partners’ Tamer Azer, the digitization of financial operations for Egyptian businesses is overdue, and SETTLE’s scalable, efficient solution is poised to address this need. The shift to digital B2B payments has lagged compared to the B2C market, where, by 2022, 88% of UAE residents used digital payments for personal transactions, while 80% of businesses were still processing B2B payments via paper checks.
Co-founders Kamil Sayour and Mostafa Mobarak believe SETTLE is well-positioned to drive Egypt’s B2B financial sector toward digital transformation. They see a significant opportunity to streamline financial workflows and allow businesses to focus on strategic growth. SETTLE’s investors also express strong support for the company’s mission. Haytham Sabry, CEO of El Sewedy Capital Holding, praised the platform for empowering businesses by automating financial processes, helping them redirect resources toward innovation and growth.
With strategic backing, SETTLE is poised for rapid expansion, aiming to revolutionize B2B financial operations in Egypt and beyond.
Discover the State of Funding in MENA – 2019 to 2023 :
https://assiyaq.com/the-state-of-startup-funding-in-mena-2024-report/ of this month is taking you through the ups and downs of MENA’s startup funding over the last 5 years. If you’re a startup founder, an investor or an ecosystem builder, this is your chance to learn from the past, spot the trends, and write your own success story.
Don’t miss out on knowing the history that could shape our future!
