SETTLE, an emerging B2B payment platform based in Egypt, has successfully raised $2 million in a pre-seed funding round. The investment was led by Shorooq Partners, with contributions from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. This financial boost will enable SETTLE to expand globally and enhance its platform, focusing on providing CFOs and business owners with tools for making informed decisions using real-time financial data.
Currently in its pre-launch testing phase, SETTLE has already processed transactions exceeding E£50 million across sectors such as construction, energy, and contracting. The platform was founded in 2023 by Mostafa Mobarak and Kamil Sayour, who aimed to simplify financial operations for businesses by streamlining payment processes and offering insights into real-time cash flow data.
SETTLE integrates seamlessly with major Egyptian banks through the Automated Clearing House (ACH), connecting ERP software like Oracle and SAP to businesses’ bank accounts. This integration automates payments, receivables, and treasury management, providing companies with enhanced control and visibility over their financial operations. The platform is reported to reduce operational errors by up to 90% and cut down the workload for financial processes by up to 70%.
Tamer Azer, a partner at Shorooq Partners, remarked on the initiative: “The digitization of financial operations for Egyptian businesses is long overdue. SETTLE offers an efficient, scalable, and easily integrable solution.” He highlighted the pressing need for digital transformation in B2B payments, noting that as of 2022, 80% of businesses still relied on paper checks for some B2B payments.
Kamil Sayour, co-founder of SETTLE, commented on the market evolution, “The Egyptian market has seen significant digital advances in B2C services. We see a huge opportunity for SETTLE to bring similar transformations to B2B financial operations.”
Mostafa Mobarak, also a co-founder, added, “With our deep understanding of the B2B financial services market challenges in Egypt, SETTLE is poised to enhance the sector by automating financial workflows for businesses of all sizes. With strategic investor backing, we’re ready to scale quickly and efficiently.”
Haytham Sabry, Group CEO of El Sewedy Capital Holding, praised SETTLE’s potential: “SETTLE not only streamlines and automates manual financial processes but also empowers businesses to focus on growth and innovation. This aligns with our mission of investing in technologies that enhance operational efficiency and foster long-term business growth.”
