Egyptian fintech startup SETTLE has raised $2 million in seed funding to accelerate its global expansion and further develop its platform.
Founded in 2023 by Kamil Sayour and Mostafa Mobarak, ADJUST is a web-based B2B payments platform that aims to modernize businesses’ financial operations by simplifying payment processes and collecting real-time cash flow data and insights.
Currently in its pre-launch phase, the startup has already processed more than 50 million Egyptian pounds ($1 million) in transactions during tests in sectors such as construction, energy and contracting, and it has now secured $2 million in pre-seed funding to accelerate its growth.
The round was led by Shorooq Partners, with support from El Sewedy Capital Holding, Acasia Ventures and Plus VC. SETTLE will use the new funding to accelerate its transition to the global market and further develop its platform, with a focus on enabling CFOs and business owners to make confident decisions based on financial data in real time.
“We fully understand the challenges and potential of the B2B financial services market in Egypt. SETTLE is ready to improve this market by automating financial workflows for businesses of all sizes. With the support of strategic investors, we are now able to scale quickly and efficiently,” said Mobarak.
Tamer Azer, partner at Shorooq Partners, said the digitalization of Egyptian companies’ financial operations was long overdue.
“SETTLE comes in with an efficient, scalable and easy-to-integrate service,” he said.