Egypt-Based B2B Payment Platform SETTLE Raises $2M in Pre-Seed Round
TLDR
- Egypt-based B2B payment platform, SETTLE, secures $2 million in pre-seed funding round led by Shorooq Partners.
- SETTLE aims to digitize financial operations for businesses, having processed over E£50 million ($1 million) in transactions during testing phase.
- Funding to be used for platform development and global expansion, targeting CFOs and business owners for real-time financial data.
SETTLE, an Egypt-based B2B payment platform has secured $2 million in a pre-seed funding round led by Shorooq Partners, with participation from El Sewedy Capital Holding, Acasia Ventures, and Plus VC.
The platform, founded in 2023, aims to digitize and streamline financial operations for businesses. It has already processed over E£50 million ($1 million) in transactions during its testing phase, spanning sectors such as construction, energy, and contracting.
SETTLE plans to use the funding to further develop its platform and expand into global markets, focusing on providing CFOs and business owners with real-time financial data for better decision-making.
Key Takeaways
SETTLE's funding round highlights the growing demand for digitization in Egypt’s B2B sector, traditionally slow to modernize compared to B2C markets. By automating financial workflows, SETTLE addresses a critical gap in real-time cash flow management for businesses. The platform’s integration with major banks and ERP systems offers significant operational efficiencies, positioning it as a key player in the ongoing digital transformation of Egypt's financial services sector. With the backing of strategic investors, SETTLE is well-positioned to scale and bring its services to international markets, helping businesses focus on growth and innovation.
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