SETTLE, an Egypt-based B2B payments platform, has raised $2 million in a seed funding round led by Shorooq Partners, marking a key milestone in the country’s evolving fintech sector. The round attracted prominent investors including Elsewedy Capital Holding, Acasia Ventures, and Plus VC, signaling strong confidence in the company’s potential to revolutionize corporate payment processes. The capital injection will fuel SETTLE’s efforts to modernize financial operations for businesses by harnessing real-time financial data, providing CFOs and business owners with the tools to make informed decisions swiftly.
Founded in 2023 by Mostafa Mubarak and Camille Sayour, SETTLE aims to fill a long-standing gap in Egypt’s digital economy by focusing on B2B financial operations, an area that has often lagged behind its consumer-facing counterpart. Despite still being in its pre-launch phase, SETTLE has already processed over EGP 50 million ($ million) in transactions during its beta period, a strong indicator of the platform’s potential to scale. Its early traction spans industries such as construction, energy, and contracting, suggesting widespread demand for streamlined payment processes.
Modernizing Corporate Payments
At the core of SETTLE’s proposition is its ability to automate payment processes, collections, and treasury management, all while integrating seamlessly with widely used enterprise resource planning (ERP) systems like Oracle and SAP. By connecting ERP software to bank accounts via Egypt’s Automated Clearing House (ACH) system, SETTLE enables businesses to digitize their financial operations, significantly reducing human error and operational inefficiencies. According to the company, its platform can cut operational errors by 90% and reduce the time spent on these processes by 70%.
For CFOs and senior executives, this offers a critical advantage: real-time cash flow visibility. “Traditional ERP systems are not built to be integrated easily into bank platforms, often leading to delays in accessing accurate financial data,” said Camille Sayour, co-founder of SETTLE. “With SETTLE, businesses get a live view of their cash flow, empowering decision-makers to act swiftly and strategically.”
A Market Ripe for Digitization
SETTLE’s emergence comes at a time when Egypt’s market is undergoing a significant digital transformation, though this shift has largely been concentrated on the consumer side, particularly in payments and retail. Industry leaders believe it is now time for B2B financial operations to experience a similar transition. “We have seen B2C services in Egypt go digital at an impressive rate, but the B2B space has lagged behind,” said Tamer Azer, Partner at Shorooq Partners. “SETTLE has a unique opportunity to bring that same digital revolution to corporate payments.”
The demand for such a solution is not limited to Egypt. The company is positioning itself for a broader international push, aiming to transform how businesses manage their financial operations on a global scale. SETTLE’s platform is built to handle the complexities of international transactions, a feature that could prove vital as the company seeks to expand beyond its home market.
Investor Confidence
SETTLE’s backers are equally optimistic about the platform’s potential. Haitham Sabry, CEO of Elsewedy Capital Holding, highlighted the platform’s ability to simplify and automate traditionally manual financial processes. “SETTLE addresses a critical challenge for businesses. By automating administrative tasks, the platform allows companies to focus on innovation and growth, which aligns with our mission to invest in technologies that drive operational efficiency,” Sabry explained.
With significant institutional support and a clear value proposition, SETTLE is poised to lead the digitization of B2B payments in Egypt and potentially beyond. However, the company will need to navigate the challenges of scaling a fintech operation in a complex regulatory and financial landscape. But with its integration into major banks and its ability to automate key financial processes, SETTLE is betting on the growing demand for efficient, transparent financial management.
Challenges Ahead
Despite its early success, SETTLE faces a competitive and evolving market. Regulatory requirements in Egypt, coupled with the complexities of integrating with traditional banking systems, present challenges for any fintech platform seeking to scale. Additionally, customer acquisition in the B2B space often involves longer sales cycles and more complex relationships than in the consumer market.
Nevertheless, the company’s founders remain confident. “Digitizing the financial operations of Egyptian businesses is long overdue,” said Sayour. “We’re building a platform that can scale quickly and provide real value to businesses that need it.”
As the company moves toward its official launch, SETTLE’s ability to maintain its early momentum while navigating the complexities of scaling will determine its place in Egypt’s rapidly digitizing economy. For now, the fintech company has positioned itself as a frontrunner in transforming the region’s corporate payments ecosystem.