Mostafa & Kamil

Mostafa Mobarak and Kamil Sayour weren’t looking to revolutionize the financial world. In fact, their path started with a passion for clean energy. After years at IBM and then McKinsey for Kamil and, a quite similar path for Mostafa at the Central Bank of Egypt and a stint at Wharton for an MBA, they co-founded Solera, a company bringing solar power to homes and businesses across seven countries in Africa. But amidst Solera’s success, a nagging problem emerged – the company’s own financial processes were stuck in the slow lane.

“We had an ERP system,” explains Kamil, an engineer by training, “but it didn’t talk well to the banks. Although a very powerful tool, it was like an isolated island that we had to constantly update manually to reflect changes from other platforms.” This manual work wasn’t just inefficient, it hampered decision-making. “Needing two days to get a somewhat accurate picture of your cash flow as a business owner is definitely not the best way to run a business,” says Kamil.

This frustration isn’t unique to Solera. Across Egypt, countless companies were drowning in a sea of spreadsheets and manual data entry. The B2C fintech space was booming, but B2B payments remained a dusty, manual affair. This disconnect sparked an idea for Kamil and his partner, Mostafa, who has vast experience on the regulatory side at the Central Bank of Egypt and the Egyptian Ministry of Trade and Industry.

“We saw a trend in other countries, where companies were using emerging fintech solutions to streamline their finances,” says Kamil, “We knew the Egyptian market was ripe for a similar revolution.”  From here, SETTLE was born.

Launched in January 2024, SETTLE is a platform that seamlessly connects a company’s enterprise resource planning (ERP) software to its bank accounts in a two-way integration, allowing it to automate payments to suppliers and collections reconciliation from clients. “It’s like having a digital command and control center for your finances, offering complete visibility and control over your cash flow,” Kamil explains.

SETTLE allows businesses to close the automation cycle, thus enabling business owners to make informed decisions quickly. This eliminates the notion of waiting for days to get an uncertain financial picture. “With SETTLE, you can see your cash position in real-time, allowing you to make strategic decisions with confidence,” he adds.

To date, SETTLE has processed over EGP 50 million for its testing clients and plans to officially launch by 1Q2024. SETTLE is integrated with the top Egyptian banks through ACH, positioning itself confidently to capitalize on the country’s booming digital landscape. “Our focus is on Egypt first,” says Kamil. “We know this market well, and we believe SETTLE can be a game-changer for businesses here and subsequently in the region.”

“What Kamil and Mostafa are doing with SETTLE is a much-needed digital solution to a big problem that companies from all walks of life suffer from,” says Aly El Shalakany, Managing Partner at Acasia Ventures. “From wasted resources on data entry to limited visibility into cash flow, these inefficiencies consume resources, take up valuable management time and stifle growth. Their experience building a successful company like Solera, coupled with their focus on solving a real pain point for businesses, makes SETTLE a compelling investment opportunity.”