Egyptian B2B fintech, SETTLE, has raised a $2 million pre-seed round and is looking to accelerate its transition into the global market and further develop its platform with a focus on enabling CFOs and business owners to make confident decisions based on real-time financial data.
The round was led by Shorooq Partners, with support from:
El Sewedy Capital Holding
Acasia Ventures, and
Plus VC
SETTLE, founded in 2023 by Mostafa Mobarak and Kamil Sayour, seeks to streamline financial operations for businesses by simplifying payment workflows and providing real-time cash flow data and insights.
Currently in its pre-launch phase, the startup has already processed over E£50 million (Egyptian pounds/EGP) or around $1 million in transactions during its testing phase, spanning sectors like construction, energy, and contracting.
SETTLE’s platform integrates ERP systems like Oracle and SAP with businesses’ existing bank accounts, automating payments, receivables, and treasury management. This integration gives companies:
Greater control and visibility over their financial processes
Reduces operational errors by up to 90%, and
Boosts efficiency by cutting the workload for these essential tasks by as much as 70%
SETTLE has also partnered with leading Egyptian banks by integrating with the Automated Clearing House (ACH).
“We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt. SETTLE is prepared to enhance that market by automating financial workflows for businesses of all sizes.
With the backing of strategic investors, we are now positioned to scale quickly and efficiently,” said Mostafa Mobarak, co-founder of SETTLE.
“The digitisation of financial operations for Egyptian businesses is long overdue, and SETTLE is stepping in with a service that is efficient, scalable, and easy to integrate,” added Tamer Azer, Partner at Shorooq Partners.
SETTLE’s round is the latest infusion of investment into the Egyptian fintech sector, a country that has been touted as among the most cash-reliant in the world.
REPORT | Morocco Leads Globally as the Most Cash Reliant Country (74%) Followed by Egypt , Kenya
Interestingly, 84% of the Moroccan population have access to the internet, so this preference for cash is likely not due to any internet issues.
The analysis also looked at… pic.twitter.com/seHwuQkVEZ
— BitKE (@BitcoinKE) July 25, 2024
Since the turn of the year [2024], multiple fintech startups in North Africa have been announcing investments there including:
Qardy
MTN Halan
DoPay
Connect Money
Sahl
Swypex
MNZL
MoneyHash
Zeal
Lucky One and
Paymob
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