B2B Payment Platform in Egypt, SETTLE, Raises $2 Million
Founded in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a payment platform revolutionizing B2B payments in Africa. This web-based platform simplifies financial operations for businesses by providing real-time cash flow data and insights that streamline payment processes. With a clear vision to modernize how companies manage their finances, SETTLE is already making significant strides.
Currently, in its pre-launch phase, the startup has processed over EGP 50 million in transactions during testing. This success has fueled investor confidence, leading to a $2 million pre-seed funding round. Shorooq Partners led the round, while El Sewedy Capital Holding, Acasia Ventures, and Plus VC joined in, marking a strong vote of confidence in SETTLE’s potential.
Purpose of the Funding
The new capital will primarily accelerate SETTLE’s growth. It will enable the company to transition into the global market and enhance its platform. Moreover, SETTLE focuses on empowering CFOs and business owners with real-time financial data, helping them make informed decisions.
“We deeply understand the challenges and opportunities in Egypt’s B2B financial services market,” said co-founder Mostafa Mobarak. “SETTLE addresses these pain points by automating financial workflows for businesses of all sizes. With our strategic investors’ backing, we are positioned to scale quickly and efficiently.”
Key investor Shorooq Partners emphasized the urgent need for digital transformation in Egypt’s business sector. “The digitization of financial operations for Egyptian businesses is long overdue. SETTLE offers an efficient, scalable, and easy-to-integrate solution,” said Tamer Azer, partner at Shorooq.
Businesses in Egypt and the region are embracing digital tools to boost efficiency. With its automated, real-time payment platform, SETTLE is leading this transformation. The platform simplifies and optimizes financial workflows for businesses. With strong pre-launch results and investor backing, SETTLE is making a significant impact. The B2B payments platform aims to redefine how companies handle their financial operations. SETTLE is clearly poised for growth and is set to shape the future of business payments in Egypt.
