{"id":643966,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/b2b-payment-platform-settle-raises-usd-2-mn-in-pre-seed-round\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"b2b-payment-platform-settle-raises-usd-2-mn-in-pre-seed-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/b2b-payment-platform-settle-raises-usd-2-mn-in-pre-seed-round\/","title":{"rendered":"B2B payment platform Settle raises USD 2 mn in pre-seed round"},"content":{"rendered":"

Local and regional VCs take part in Settle\u2019s seven-figure pre-seed round<\/strong>:<\/strong> Local B2B payment platform Settle Payments<\/a> has raised USD 2 mn in a pre-seed funding round led by Abu Dhabi-based Shorooq Partners, according to a p<\/a>ress release (pdf)<\/a>. Egypt\u2019s El Sewedy Capital Holding and Acasia Ventures participated in the round, alongside Abu Dhabi\u2019s Plus VC. <\/p>\n

Settle? <\/strong>The fintech startup founded in 2023 is a B2B payments platform that aims to help businesses digitize and simplify their B2B payments, offering integration of companies\u2019 enterprise resource planning software with existing bank accounts to automate payments and receivables and improve the transparency of companies\u2019 financial processes, all while increasing efficiency and reducing operational errors.<\/p>\n

Where\u2019s the money going?<\/strong> The company plans to use the funding to establish itself within the global market and further develop the platform, with the focus on helping companies make smart decisions on the basis of real-time financial data. It also aims to invest in top local talent, improve user experience, and ramp up the company\u2019s marketing efforts to get the attention of both SMEs and large enterprises, Shorooq Partners partner Tamer Azer told Enterprise.<\/p>\n

B2B payment automation is a growth industry in Egypt: <\/strong>While B2C services have seen rapid digitization in the recent past, B2B markets have been slower to make the transition to the digital age. \u201cWe have watched the Egyptian market undergo a significant digital transformation in B2C services,\u201d Settle co-founder Kamil Sayour said in the press release, adding that \u201cI believe Settle has a major opportunity to bring the same transformation to B2B financial operations.\u201d<\/p>\n

Its backers think Settle is well positioned to take advantage of a gap in the market:<\/strong> \u201cSettle\u2019s innovative approach to automating B2B payments and treasury management addresses a significant gap in the market, particularly in Egypt, where many businesses still rely on outdated financial processes,\u201d Azer said in comments to Enterprise. Fellow investor El Sewedy Capital agrees, with Group CEO Haytham Sabry stating that \u201cwe seek out <\/font>technologies that address real-world challenges, and Settle is a perfect example of this.\u201d<\/p>\n

Regional expansion is in the cards long-term: <\/strong>While Settle is currently focused on solidifying its presence in the Egyptian market, the company is eyeing regional expansion in the future with its key targets in the GCC that include Saudi Arabia and the UAE, Azer told us. The company\u2019s long-term goal is to be a regional leader for B2B payment automation, Azer added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The funding round was led by Shorooq Partners<\/p>\n","protected":false},"author":1,"featured_media":643967,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[72,183,595,95,123],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam","tag-fintech","tag-non-banking-financial-services","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"f266e680-46af-4948-a981-1d75a1c45335","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1342.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian B2B payment platform Settle raises USD 2 mn in pre-seed round","related_issue":[643958],"teaser":"The funding round was led by Shorooq Partners","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.7c43414c-a080-48de-b945-7f46298343cf.mp3"},"yoast_head":"\nB2B payment platform Settle raises USD 2 mn in pre-seed round - 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Real estate startup Seqoon has secured USD 500k in a pre-seed round led by Banque Misr through the lender\u2019s fintech-focused pilot program. A number of angel investors also participated, according to\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/314.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557303,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/b2b-e-commerce-platform-capiter-raises-usd-33-mn-for-expansion-in-series-a-round\/","url_meta":{"origin":643966,"position":1},"title":"B2B e-commerce platform Capiter raises USD 33 mn for expansion in series A round","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Cairo-based B2B e-commerce startup Capiter has raised USD 33 mn in a series A funding round co-led by Quona Capital and MSA Capital, according to an emailedstatement (pdf). Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures also took part in the round.This is one of the largest\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/180.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562982,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/14\/fatura-raises-usd-3-mn-pre-series-a-round\/","url_meta":{"origin":643966,"position":2},"title":"Fatura raises USD 3 mn pre-series A round","author":"enterpriseam admin","date":"14 June 2021","format":false,"excerpt":"Egyptian B2B marketplace Fatura closed a USD 3 mn pre-series A funding round co-led by Sawari Ventures and Arzan VC, the company said in a press release (pdf). Egypt Ventures, EFG-EV, Cairo Angels, and Khwarizmi Ventures also participated in the round. The company will use the funds to extend its\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/183.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549697,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/b2b-e-commerce-marketplace-mazaya-to-launch-in-nigeria-following-usd-5-mn-pre-seed-round\/","url_meta":{"origin":643966,"position":3},"title":"B2B e-commerce marketplace Mazaya to launch in Nigeria following USD 5 mn pre-seed round","author":"enterpriseam admin","date":"27 September 2022","format":false,"excerpt":"B2B e-commerce marketplace Mazaya (not to be confused with the perfume and makeup store) closed a USD 5 mn pre-seed round led by Raya Trade and Distribution, it said in a statement (pdf) yesterday.About Mazaya: Founded in December 2021 by Amir Aboul Fotouh (LinkedIn), who was previously commercial planning senior\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/393.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543982,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/28\/freshsource-secures-seven-figure-usd-in-seed-round-kouncel-raises-eur-1-2-mn-in-a-pre-seed-round-led-by-afdb\/","url_meta":{"origin":643966,"position":4},"title":"FreshSource secures seven-figure USD in seed round + Kouncel raises EUR 1.2 mn in a pre-seed round led by AfDB","author":"enterpriseam admin","date":"28 February 2022","format":false,"excerpt":"Online B2B fruit and veg platform FreshSource has bagged an undisclosed seven-figure USD seed round led by 4DX Ventures and Wamda, the company announced in a statement (pdf). The agri-supply chain startup plans to use the funds raised to expand across the country, invest in its tech platform, and grow\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/390.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546420,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/","url_meta":{"origin":643966,"position":5},"title":"E-commerce startup Teegara raises undisclosed bridge round","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"E-commerce startup Teegara has successfully closed a five-figure USD bridge round led by Alexandria Angels Network, with participation from new angel investors in Egypt, Saudi Arabia, Jordan and the Netherlands, CEO and co-founder Ahmed Kayyali told Enterprise.What is Teegara? Teegara\u2019s B2B online marketplace connects merchants with vendors of household products\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=643966"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/643966\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/643958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/643967"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=643966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=643966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=643966"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=643966"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=643966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}