- SETTLE secures $2 million pre-seed funding led by Shorooq Partners, aiming to modernize B2B payments and financial operations for Egyptian businesses.
- The platform integrates with top Egyptian banks and ERP systems, offering automated payments, receivables, and treasury management, reducing operational errors by up to 90%.
- With the new funding, SETTLE plans to accelerate its market launch, expand globally, and further develop its platform to provide real-time financial insights for business leaders.
SETTLE, an Egyptian B2B payment platform, has secured $2 million in pre-seed funding led by Shorooq Partners, with participation from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. The funding will be used to accelerate SETTLE’s global market expansion and further develop its platform, which aims to modernize financial operations for businesses across various sectors.
Founded in 2023 by Mostafa Mobarak and Kamil Sayour, SETTLE provides a web-based solution that simplifies payment processes and offers real-time cash flow data and insights. The platform integrates with leading Egyptian banks through the Automated Clearing House (ACH) and connects to ERP software like Oracle and SAP, automating payments, receivables, and treasury management. This integration streamlines financial processes, reduces operational errors by up to 90 percent, and enhances efficiency by reducing workload by as much as 70 percent.
SETTLE’s innovative approach addresses a significant gap in the Egyptian market, where B2B payments have traditionally lagged behind the B2C sector in digitization. The platform’s ability to provide real-time financial data empowers businesses to make informed decisions and optimize their operations.
“The digitization of financial operations for Egyptian businesses is long overdue,” said Tamer Azer, partner at Shorooq Partners. “SETTLE is stepping in with a service that is efficient, scalable, and easy to integrate.”
The platform’s impact is already evident, with SETTLE processing over E£50 million (Egyptian pounds/EGP) in transactions during its pre-launch testing phase across sectors like construction, energy, and contracting.
“We have watched the Egyptian market undergo a significant digital transformation in B2C services,” said Kamil Sayour, co-founder of SETTLE. “I believe SETTLE has a major opportunity to bring the same transformation to B2B financial operations.”
Mostafa Mobarak, co-founder of SETTLE, added, “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.”
Haytham Sabry, Group CEO of El Sewedy Capital Holding, emphasized the importance of supporting technologies that address real-world challenges. “SETTLE is a perfect example of this,” he said. “The platform not only streamlines and automates manual financial processes but also empowers businesses to focus their resources on growth and innovation.”
Also Read: 6 Best Online Payment Methods {Gateways} in Egypt
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Last Updated on September 19, 2024 by Safiya K
