Afcacia

Egyptian fintech startup SETTLE has secured $2 million in pre-seed funding to drive 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 designed to streamline financial operations for businesses by simplifying payment processes and providing real-time cash flow data and insights.

Though still in its pre-launch phase, SETTLE has already processed over EGP50 million (US$1 million) in transactions during its testing phase, spanning industries like construction, energy, and contracting. The $2 million pre-seed round was led by Shorooq Partners, with participation from El Sewedy Capital Holding, Acasia Ventures, and Plus VC.

The startup plans to use the funding to accelerate its global market entry and enhance its platform, focusing on helping CFOs and business owners make informed decisions using real-time financial data.

“We understand the challenges and opportunities in Egypt’s B2B financial services market. SETTLE aims to automate financial workflows for businesses of all sizes. With the support of strategic investors, we are now in a position to scale efficiently,” said co-founder Mostafa Mobarak.

Tamer Azer, a partner at Shorooq Partners, highlighted that the digitization of financial operations for Egyptian businesses was long overdue. “SETTLE is offering a service that is efficient, scalable, and easy to integrate,” Azer noted.