The research firm also noted that Swvl has only $2.9 million in cash remaining, down from $9.1 million at the beginning of 2023.

The launch of Unconventional Capital also signals a strategic shift within Uncap. The fund will operate independently from Uncap’s proprietary technology platform, “Level,” a recently launched SaaS tool designed to streamline investment management for funders and accelerators across Africa.

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.

This loan agreement follows Lulalend’s $35 million Series-B funding round earlier last year, which the company described as “transformational” for its operations.