Egyptian fintech startup SETTLE has raised a US$2 million pre-seed round of funding to accelerate its global expansion and further develop its platform.
Founded in 2023 by Kamil Sayour and Mostafa Mobarak, SETTLE is a web-based B2B payment platform that aims to modernise financial operations for businesses by simplifying payment processes and collecting real-time cash flow data and insights.
Currently in its pre-launch phase, the startup has already processed over EGP50 million (US$1 million) in transactions during testing across such sectors as construction, energy, and contracting, and it has now secured US$2 million in pre-seed funding to speed its growth.
The round was led by Shorooq Partners, with support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. SETTLE will use the new funding to accelerate its transition into the global market and further develop its platform, with a focus on enabling CFOs and business owners to make confident decisions based on real-time financial data.
“We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt. SETTLE is 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,” Mobarak said.
Tamer Azer, partner at Shorooq Partners, said the digitisation of financial operations for Egyptian businesses was long overdue.
“SETTLE is stepping in with a service that is efficient, scalable, and easy to integrate,” he said.
