Agel closes seven-figure pre-seed round: Islamic fintech platform Agel raised seven figures USD in funding in a pre-seed investment round led by Plus Venture Capital, Seedstars International Ventures, and Flat6Labs, it said in a press release (pdf) yesterday. The round also saw participation from Seedra Ventures, Banque Misr, and a number of angel investors.

About Agel: Founded in 2021 by Abdelrahman Saeed (LinkedIn) and Ahmed El Sherbiny (LinkedIn), Agel brands itself as the country’s “first Islamic invoice financing platform,” offering sharia-compliant alternative financing options to MSMEs. The startup offers merchants financing as well as allowing them to sell on-credit and through the Agel application.

Where the money’s going: Agel will use the funds to “grow into a licensed non-banking financial institution,” develop its product, and expand into “major Egyptian cities.” With the newly-acquired funds, the company will also launch its “merchant co-branded banking card service” in collaboration with Abu Dhabi Islamic Bank.

What they said: “Our unique approach to finance for MSMEs has witnessed a significant increase in demand for our services,” El Sherbiny said in the statement. “As we deepen our product capabilities, we are confident in introducing several more easy and convenient payment options to satisfy our clients.”

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