SETTLE Aims for Global Expansion and Platform Development
Egyptian B2B fintech startup SETTLE has successfully raised $2 million in a pre-seed funding round. The company is now poised to accelerate its transition into global markets while further developing its platform, with a focus on empowering CFOs and business owners to make data-driven decisions based on real-time financial insights.
The funding round was led by Shorooq Partners with additional support from El Sewedy Capital Holding, Acasia Ventures, and Plus VC.
Streamlining Financial Operations for Businesses
Founded in 2023 by Mostafa Mobarak and Kamil Sayour, SETTLE’s core mission is to streamline and automate financial operations for businesses. The startup’s platform simplifies payment workflows and provides real-time insights into cash flow and financial data. By integrating with Enterprise Resource Planning (ERP) systems like Oracle and SAP, SETTLE automates tasks such as payments, receivables, and treasury management, giving businesses more control over their financial processes.
SETTLE is designed to help businesses reduce operational errors, improve efficiency, and increase visibility into their financial transactions, ensuring that CFOs and business owners can make confident, informed decisions.
Early Success: Over E£50 Million Processed in Transactions
Although still in its pre-launch phase, SETTLE has already made significant strides. During its testing phase, the startup processed over E£50 million (approximately $1 million) in transactions, spanning sectors such as construction, energy, and contracting. This early success highlights the platform’s potential to address the financial workflow challenges that many businesses face, particularly in managing large-scale, cross-industry transactions.
SETTLE’s ability to integrate with existing bank accounts and ERP systems allows businesses to streamline operations while automating crucial financial tasks.
Key Platform Features: Automation and Efficiency Gains
SETTLE’s platform is engineered to automate financial processes that are traditionally time-consuming and error-prone. By integrating with the Automated Clearing House (ACH) and partnering with leading Egyptian banks, SETTLE offers a comprehensive solution that reduces operational errors by up to 90%. This automation also cuts the workload for essential financial tasks by as much as 70%, allowing businesses to focus more on strategic growth and less on managing their day-to-day financial workflows.
By providing businesses with real-time financial insights and enhanced control over their processes, SETTLE aims to drive long-term efficiency and success for its clients.
Partnerships and Strategic Support: Backing from Leading Investors
The recent $2 million pre-seed funding round was a significant milestone for SETTLE. Led by Shorooq Partners, with participation from El Sewedy Capital Holding, Acasia Ventures, and Plus VC, the investment will enable SETTLE to scale its operations both in Egypt and beyond. This strong backing from key players in the investment community positions SETTLE for rapid growth and global expansion.
“We are deeply familiar with the challenges and potential of the B2B financial services market in Egypt,” said Mostafa Mobarak, co-founder of SETTLE. “With the backing of strategic investors, we are now positioned to scale quickly and efficiently, automating financial workflows for businesses of all sizes.”
Scaling for Global Markets: What’s Next for SETTLE?
With its platform already showing promising results in Egypt, SETTLE is now focused on scaling its operations to global markets. The company’s technology, which automates payments and financial processes while integrating with existing financial infrastructures, gives it a competitive edge in the growing B2B fintech landscape.
As SETTLE prepares for full market entry, its goal is to become a key player in financial automation for businesses worldwide, providing the tools and insights needed for effective financial management.
