Egyptian fintech startup SETTLE has successfully secured $2 million in a pre-seed funding round led by Abu Dhabi-based Shorooq Partners, with additional backing from El Sewedy Capital Holding, Acasia Ventures, and Plus VC.
SETTLE expects to use the funds to accelerate its global expansion and further develop its platform, designed to modernize financial operations for businesses by simplifying B2B payments and offering real-time cash flow data.
Kamil Sayour and Mostafa Mobarak founded SETTLE in 2023 with a commitment to modernizing financial operations for businesses by simplifying payment workflows and offering real-time cash flow insights. With a focus on automation and efficiency, the platform integrates enterprise resource planning (ERP) software like Oracle and SAP with existing bank accounts, offering businesses a seamless solution for managing payments, receivables, and treasury functions.
“This investment will allow us to further develop our platform and strengthen our market position,” said Sayour. “We are targeting CFOs and business owners who need real-time financial data to make confident decisions. The funding will also accelerate our plans for regional expansion, particularly in the GCC.”
SETTLE has already processed over EGP 50 million ($1 million) in transactions during its testing phase, working with clients across sectors such as construction, energy, and contracting. The company plans to use the new funding to scale its operations, hire top local talent, and strengthen its presence in Egypt before expanding into global markets.
Read also: Farid, an Egyptian ed-tech company, raises $250K.
As the digitization of financial services continues to gain momentum, SETTLE is addressing a long-overdue need for automated B2B payments in Egypt. According to Shorooq Partners, SETTLE’s innovative approach is both scalable and easy to integrate, making it a compelling solution for businesses looking to enhance financial transparency and operational efficiency.
“The digital transformation of financial operations is crucial for businesses in today’s market,” said Tamer Azer, partner at Shorooq Partners. “SETTLE is stepping in at the right time with a service that not only streamlines payment processes but also empowers companies to focus on strategic growth.”
With this momentum, SETTLE aims to become a leader in B2B payment automation, helping businesses reduce operational errors by up to 90 percent and cut down administrative workload by as much as 70 percent. SETTLE bridges the gap between traditional banking systems and modern ERP software, positioning itself to lead the digital revolution in Egypt’s financial sector.
As SETTLE prepares to enter new regional markets, the company remains focused on its mission of empowering businesses to move B2B payments into the digital era, ultimately fostering growth and innovation across industries.
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