- SETTLE, an Egypt-based B2B payment platform, has secured $2 million in a pre-seed funding round to enhance its platform and expand into global markets.
- Shorooq Partners led the funding round with participation from other investors, including El Sewedy Capital Holding, Acasia Ventures, and Plus VC.
- The funding will enable the SETTLE to advance its platform, focusing on providing Chief Financial Officers (CFOs) and business owners with real-time financial insights for more informed decision-making while also accelerating its expansion into international markets.
According to a 2022 report, 81% of businesses still use paper checks to pay other businesses, making it the most common B2B payment method despite digitisation efforts. SETTLE stated that businesses in Egypt frequently wait up to two days to receive an accurate picture of their cash flow from traditional banks.
Mostafa Mobarak, co-founder of SETTLE, emphasised the company's thorough understanding of the challenges and opportunities in Egypt's B2B financial services sector. He emphasised that the platform is ready to grow 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,” he added.
Furthermore, Tamer Azer, partner at Shorooq Partners, acknowledged that the digitisation of financial operations for Egyptian businesses is long overdue. He pointed out that SETTLE is stepping in with a service that is efficient, scalable, and easy to integrate.
SETTLE, founded in 2023 by Mostafa Mubarak and Camille Sayour, is a web-based B2B payment platform that aims to modernise businesses' financial operations by simplifying payment processes and collecting real-time cash-flow data and insights.
The platform connects ERP systems such as Oracle and SAP to business bank accounts, automating payments, receivables, and treasury management. SETTLE confirmed that this improves financial control, lowers operational errors by up to 90%, and reduces process workload by up to 70%.
The payments platform is currently in its pre-launch phase and has already processed over E£50 million ($1.03 million) in transactions during testing across such sectors as construction, energy, and contracting.
“We have watched the Egyptian market undergo a significant digital transformation in B2C services. I believe SETTLE has a major opportunity to bring the same transformation to B2B financial operations, ” Kamil Sayour, co-founder of SETTLE, also said.
