SETTLE, an emerging B2B payment platform based in Egypt, has successfully raised $2 million in a pre-seed funding round. The round was led by Shorooq Partners, with significant contributions from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. This funding will enable SETTLE to expand its operations globally and enhance its platform, focusing on providing CFOs and business owners with the tools to make informed decisions using real-time financial data.
Currently in its pre-launch phase, SETTLE has already processed transactions worth over E£50 million (Egyptian pounds) across sectors such as construction, energy, and contracting. Founded in 2023 by Mostafa Mobarak and Kamil Sayour, the platform is designed to modernize financial operations for businesses by streamlining payment processes and offering insights into real-time cash flows.
SETTLE integrates with major Egyptian banks through the Automated Clearing House (ACH) and connects ERP software like Oracle and SAP to existing bank accounts. This integration automates payments, receivables, and treasury management, significantly increasing financial control and visibility for businesses. It reduces operational errors by up to 90% and cuts down on the workload for financial processes by as much as 70%.
Tamer Azer, a partner at Shorooq Partners, praised SETTLE’s initiative: “The digitization of financial operations for Egyptian businesses is long overdue. SETTLE offers a service that is efficient, scalable, and easy to integrate, meeting the critical need for digital transformation in the financial sector.”
Despite the rapid adoption of digital payments in the B2C sector, B2B markets have been slow to digitize. As of 2022, 80% of businesses still used paper checks for B2B payments at least occasionally. SETTLE aims to bridge this gap by providing digital solutions that streamline B2B financial operations, allowing businesses to obtain a clearer and quicker understanding of their cash flow.
Kamil Sayour, co-founder of SETTLE, commented on the market evolution: “The Egyptian market has seen considerable digital transformation in B2C services. SETTLE is poised to bring similar advancements to B2B financial operations.”
Mostafa Mobarak, co-founder, added: “With our deep understanding of the B2B financial services market in Egypt and the backing of strategic investors, SETTLE is well-positioned to automate financial workflows and support business growth across all sectors.”
Haytham Sabry, Group CEO of El Sewedy Capital Holding, also supported the initiative: “SETTLE addresses real-world challenges by streamlining and automating manual financial processes, enabling businesses to focus on growth and innovation. This investment aligns with our mission to foster operational efficiency and long-term business growth.”
