In a major development in the Middle East's fintech landscape, Egyptian B2B payment platform SETTLE has successfully raised $2 million in a pre-seed funding round led by Shorooq Partners. The investment also saw participation from El Sewedy Capital Holding, Acasia Ventures, and Plus VC. SETTLE, founded in 2023 by Kamil Sayour and Mostafa Mobarak, aims to modernize enterprises' financial operations by simplifying payment processes and providing real-time cash flow data and insights.

Streamlining B2B Payments in Egypt

SETTLE's platform integrates with top Egyptian banks through the Automated Clearing House (ACH) and connects ERP software such as Oracle and SAP to businesses' existing bank accounts. This integration enables companies to automate payments, receivables, and treasury management, providing greater control and visibility over financial processes. By leveraging this technology, businesses can reduce operational errors by up to 90% and enhance efficiency by reducing the workload required for critical processes by as much as 70%.

A Major Opportunity for B2B Financial Operations

The Egyptian market has undergone significant digital transformation in B2C services, but B2B financial operations remain largely untapped. As of 2022, 80% of businesses were still using paper checks for B2B payments, while 88% of UAE residents had started using digital payments for B2C purchases. This disparity presents a significant opportunity for SETTLE to revolutionize B2B financial services in Egypt.

Accelerating Global Expansion and Platform Development

With the new funding, SETTLE plans to accelerate its transition into the global market and further develop its platform. The company has already processed over E£50 million in transactions during testing across various sectors, including construction, energy, and contracting. By scaling its operations, SETTLE aims to empower CFOs and business owners to make confident decisions based on real-time financial data.

Investor Confidence in SETTLE's Potential

Tamer Azer, partner at Shorooq Partners, expressed his confidence in SETTLE's potential, stating, "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." Haytham Sabry, Group CEO of El Sewedy Capital Holding, added, "SETTLE aligns with our mission of investing in solutions that foster operational efficiency and long-term business growth."

SETTLE's pre-seed funding marks a significant milestone in the company's journey to revolutionize B2B payments in Egypt. With the support of strategic investors, the company is well-positioned to scale its operations and further develop its platform. As the Egyptian market continues to undergo digital transformation, SETTLE is poised to play a key role in modernizing B2B financial operations, providing businesses with greater control, visibility, and efficiency over their financial processes.