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 additional participation from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. This funding will fuel SETTLE’s ambitions to expand globally and enhance its innovative platform, which is tailored to empower CFOs and business owners with real-time financial data for better decision-making.
Currently in its pre-launch testing phase, SETTLE has already processed transactions worth over E£50 million across various sectors like construction and energy. The platform, founded in 2023 by Mostafa Mobarak and Kamil Sayour, aims to simplify financial operations by integrating with major Egyptian banks through Automated Clearing House (ACH). This integration allows SETTLE to connect businesses’ ERP systems, such as Oracle and SAP, directly to their bank accounts, facilitating automated payments and efficient treasury management.
This connectivity not only increases financial control and visibility but also significantly reduces operational errors by up to 90% and decreases the workload by 70%. These features position SETTLE as a vital tool for modernizing financial processes in the B2B sector, which has traditionally lagged behind B2C markets in digital adoption.
Tamer Azer, a partner at Shorooq Partners, commended SETTLE for addressing the urgent need for digital financial solutions in Egypt. Kamil Sayour expressed optimism about replicating the digital transformation seen in B2C services within B2B financial operations. Mostafa Mobarak emphasized SETTLE’s readiness to transform the Egyptian B2B financial services market with the support of strategic investors.
Haytham Sabry, Group CEO of El Sewedy Capital Holding, highlighted SETTLE’s potential to streamline financial processes and enhance business growth by allowing companies to focus more on strategic initiatives rather than administrative tasks.
About SETTLE:
SETTLE is a web-based platform that modernizes enterprise financial operations by automating payments, managing invoices, and providing real-time insights into cash flows, thereby creating a comprehensive financial ecosystem for businesses across various sectors.
About Shorooq Partners:
Established in 2017, Shorooq Partners is a leading investment firm in the MENA region, focusing on innovative technology companies in sectors like fintech and software. With a presence in multiple cities including Abu Dhabi and Dubai, Shorooq Partners is dedicated to being a valuable partner for founders and driving regional technological advancement.
