Egypt’s SETTLE Raises $2M to Automate B2B Payments and Collections
Summary
SETTLE, an Egypt-based B2B payments platform, has raised $2 million in a seed funding round led by Shorooq Partners, marking a key milestone in the countrys evolving fintech sector. The round attracted prominent investors including Elsewedy Capital Holding, Acasia Ventures, and Plus VC, signaling strong confidence in the companys potential to revolutionize corporate payment processes. According to the company, its platform can cut operational errors by 90% and reduce the time spent on these processes by 70%.For CFOs and senior executives, this offers a critical advantage: real-time cash flow visibility. With SETTLE, businesses get a live view of their cash flow, empowering decision-makers to act swiftly and strategically.SETTLEs emergence comes at a time when Egypts market is undergoing a significant digital transformation, though this shift has largely been concentrated on the consumer side, particularly in payments and retail. By automating administrative tasks, the platform allows companies to focus on innovation and growth, which aligns with our mission to invest in technologies that drive operational efficiency, Sabry explained.With significant institutional support and a clear value proposition, SETTLE is poised to lead the digitization of B2B payments in Egypt and potentially beyond.