SETTLE, an Egypt-based B2B payment platform, has successfully secured $2 million in a pre-seed funding round led by Shorooq Partners, with participation from notable investors such as El Sewedy Capital Holding, Acasia Ventures, and Plus VC. This funding will enable SETTLE to accelerate its expansion into the global market and further enhance its platform, focusing on empowering CFOs and business owners to make real-time, data-driven financial decisions.
Although still in its pre-launch phase, SETTLE has processed over E£50 million in transactions during its testing period across industries like construction, energy, and contracting. Founded in 2023 by Mostafa Mobarak and Kamil Sayour, the company’s mission is to streamline financial operations for businesses by simplifying payment processes and providing real-time insights into cash flow.
SETTLE aims to fully digitize B2B payments by integrating with top Egyptian banks through the Automated Clearing House (ACH). The platform connects with ERP software systems like Oracle and SAP, automating payments, receivables, and treasury management directly from businesses’ bank accounts. This integration offers enhanced control and transparency over financial processes, reducing operational errors by up to 90% and cutting the workload for essential financial tasks by as much as 70%.
Tamer Azer, partner at Shorooq Partners, highlighted the importance of SETTLE’s role in modernizing Egyptian businesses: “The digitization of financial operations for Egyptian companies is long overdue, and SETTLE is providing an efficient, scalable, and easy-to-integrate solution.”
While B2B markets have traditionally lagged behind B2C in adopting digital payment solutions, SETTLE aims to close that gap. In 2022, 80% of businesses still relied on paper checks for B2B payments, while 88% of UAE consumers had already adopted digital payments for B2C transactions. This ongoing disparity has put B2B vendors at a disadvantage in an increasingly digitized world, with businesses often waiting up to two days to receive accurate cash flow data from traditional banking systems. SETTLE’s platform addresses these challenges, offering a faster, more efficient approach to managing B2B transactions.
Kamil Sayour, co-founder of SETTLE, said, “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, “We are deeply familiar with the challenges and potential for the B2B financial services market in Egypt. SETTLE is prepared to enhance 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.”
Haytham Sabry, Group CEO of El Sewedy Capital Holding, stated, “At El Sewedy Capital, we seek out technologies that address real-world challenges, and SETTLE is a perfect example of this. The platform not only streamlines and automates manual financial processes but also empowers businesses to focus their resources on growth and innovation. By reducing the time and effort spent on administrative tasks, SETTLE enables companies to allocate their energy toward strategic initiatives, ultimately driving their success. This aligns with our mission of investing in solutions that foster operational efficiency and long-term business growth.”
