Egyptian fintech startup SETTLE has raised $2 million in a pre-seed round as it gears up to revolutionize B2B financial operations both locally and globally. Founded in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a web-based platform designed to simplify and modernize business payments, with a core focus on delivering real-time cash flow insights and data.
Although still in its pre-launch phase, SETTLE has already processed over EGP 50 million (around $1 million) in transactions during a trial period. These transactions span various sectors, including construction, energy, and contracting, proving the platform’s adaptability across industries. With this fresh injection of capital, the startup is set to expand its platform and accelerate its transition into the global market.
The $2 million pre-seed round was led by Shorooq Partners, alongside support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. The funds will be allocated to platform development, empowering CFOs and business owners to make better, real-time financial decisions. The startup aims to automate and digitize financial workflows for businesses of all sizes, ensuring operational efficiency and scalability.
“We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt,” said Mostafa Mobarak, co-founder of SETTLE. “We are 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.”
Shorooq Partners’ Tamer Azer echoed this sentiment, emphasizing that the digitization of Egypt’s financial systems was long overdue. With a clear vision and substantial financial backing, SETTLE is well on its way to becoming a key player in the global B2B payment sector.
