SETTLE, an Egypt-based B2B payment platform, has raised $2 million in a pre-seed funding round led by Shorooq Partners, with additional support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. This investment will accelerate SETTLE’s expansion into global markets and enhance its platform to help CFOs and business owners make data-driven financial decisions in real-time.
Currently in its pre-launch phase, SETTLE has processed over E£50 million in transactions during testing across various sectors, including construction, energy, and contracting. Founded in 2023 by Mostafa Mobarak and Kamil Sayour, the platform aims to simplify financial operations for businesses, streamlining payments and providing real-time cash flow insights.
The new funding will support SETTLE’s efforts to revolutionize B2B payments in Egypt, a market that has been slower to adopt digital financial solutions compared to the B2C sector. The platform’s vision is to provide a fully digital and automated approach to B2B payments, offering businesses an efficient way to manage their finances.
SETTLE has integrated with top Egyptian banks through the Automated Clearing House (ACH) to digitize B2B payments. It also connects with enterprise resource planning (ERP) systems like Oracle and SAP, automating payments, receivables, and treasury management. This integration gives companies greater control and visibility over their financial processes.
The platform’s automation capabilities can reduce operational errors by up to 90% and decrease the workload required for these processes by as much as 70%. Tamer Azer, partner at Shorooq Partners, highlighted SETTLE’s potential: “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.”
While digital payments have gained traction in the B2C market, B2B payments have lagged behind, with 80% of businesses still using paper checks for some transactions as of 2022. In contrast, 88% of UAE residents had adopted digital payments for B2C purchases that same year. This disparity has put B2B vendors at a disadvantage in an increasingly digitized market.
Kamil Sayour, co-founder of SETTLE, sees a major opportunity: “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.”
Mostafa Mobarak, co-founder of SETTLE, added, “SETTLE is prepared to enhance the B2B financial services market in Egypt by automating workflows for businesses of all sizes.”
El Sewedy Capital Holding views SETTLE as a solution that drives operational efficiency. Haytham Sabry, Group CEO of El Sewedy Capital Holding, stated, “The platform streamlines and automates manual financial processes, empowering businesses to focus their resources on growth and innovation.”
