SETTLE, an Egypt-based B2B payment platform, has successfully raised $2 million in a pre-seed funding round led by Shorooq Partners. Other notable investors that participated included El Sewedy Capital Holding, Acasia Ventures, and Plus VC. With this new funding, SETTLE plans 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.
SETTLE, currently in its pre-launch phase, has already processed over E£50 million (Egyptian pounds/EGP) in transactions during testing across such sectors as construction, energy, and contracting. Founded in 2023 by Mostafa Mobarak (LinkedIn) and Kamil Sayour (LinkedIn), SETTLE aims to modernize financial operations for businesses by simplifying financial transactions and collecting real-time cash-flow data and insights.
To help organizations move B2B payments fully into the digital era, SETTLE has integrated with the top Egyptian banks through the Automated Clearing House (ACH). SETTLE’s platform connects ERP softwares such as Oracle and SAP to businesses’ existing bank accounts, automating payments, receivables, and treasury management. The integration provides companies with greater control and visibility of financial processes, reduces operational errors by up to 90 percent, and enhances efficiency by reducing the workload required for these critical processes by as much as 70 percent.
- Tamer Azer, Partner at Shorooq Partners, stated, “The digitization of financial operations for Egyptian businesses is long overdue, and SETTLE is stepping in with a service that is efficient, scalable, and easy to integrate.”
- “The Egyptian market has undergone a digitization revolution for B2C services; now it is time for the same to happen on the B2B front,” Sayour explains. “As a result of ERP systems not easily integrating into bank platforms, it could take up two days to get a somewhat accurate picture of your cash flow as a business owner. That definitely stifles decision-making. With SETTLE, top management gets a live ERP system where they can see their cash flow in real-time, allowing them to make strategic decisions with confidence. SETTLE is a CFO’s dream come true.”
- Hassan Haider, Partner at Plus VC further explains: “B2B payments automation remains a blue ocean in our geography. Elsewhere in the world, we have seen this business model disrupt traditional accounting processes and operations. SETTLE has a fantastic opportunity to pioneer this market in Egypt and the region.”
