Cairo –  SETTLE, an Egypt-based business-to-business (B2B) payment platform, has raised $2 million in a pre-seed funding round led by Shorooq Partners, according to a press release.

El Sewedy Capital Holding, Acasia Ventures, and Plus VC also participated in the fundraising transaction.

SETTLE will use the funding to accelerate its transition into the global market and further develop its platform with a focus on enabling CFOs and business owners to make confident decisions.

Founded in 2023 by Mostafa Mobarak and Kamil Sayour, SETTLE aims to enhance financial operations for businesses by simplifying payment processes and collecting real-time cash-flow data and insights.

Tamer Azer, partner at Shorooq Partners, highlighted: “The digitisation 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.”

Mostafa Mobarak, Co-Founder of SETTLE, mentioned: “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: “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,” Sabry added.

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