In a significant move for Islamic fintech, Egyptian startup Agel has secured a substantial seven-figure pre-seed funding round. The influx of funds came from several investment firms including Plus Venture Capital (+VC), Seedstars International Ventures, Flat6Labs, SEEDRA Ventures, Banque Misr Acceleration Program, and several angel investors. Welcome to the innovative world of Shariah-compliant fintech platform, where technology and Islamic principles converge to revolutionize the way you manage your finances.
Agel, founded in October 2021 by Abdelrahman Saeed and Ahmed El Sherbiny, seeks to provide Sharia-compliant lending options for Egypt’s small and medium-sized businesses. These include services like Murabaha, a cost-plus financing model in line with Islamic principles. The funds secured in this round will enable Agel to become a licensed non-banking financial institution, allowing it to hone its offerings and accelerate its expansion throughout Egypt.
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The startup also has plans to introduce a merchant co-branded banking card service in collaboration with Abu Dhabi Islamic Bank (ADIB).
In its first year of operation, Agel has successfully penetrated Egypt’s $15 billion annual textile industry, establishing a large network of fashion-focused suppliers. The company has expressed intentions to extend its reach to other profitable industries, contributing to an annual total of $85 billion.
Agel’s core strategy revolves around empowering merchants with necessary finance, enabling them to secure goods and supplies for their trade on credit from its vast network of industry-focused suppliers. The startup also provides suppliers a boost by allowing them to sell on credit and manage their commercial transactions seamlessly through the Agel app.
Speaking on the recent round, Agel CEO Abdelrahman Saeed expressed his gratitude for the backing from regional investors and underscored the importance of their support for the startup’s ambitions.
Despite the fintech boom in Egypt, access to finance continues to be a key hindrance for the country’s MSME sector. However, Agel’s platform offers an innovative solution to this challenge with its quick and easy Sharia-compliant payment options.
El-Sherbiny, Agel’s COO, echoed Saeed’s sentiment, highlighting the positive reception from merchants since Agel’s launch. He expressed confidence in the startup’s future as it continues to enhance its product capabilities and expands its services across Egypt.
In line with Egypt’s 2030 vision of financial inclusion and the United Nations’ Sustainable Development Goals, Agel’s growth contributes significantly to the expansion of accessible, compliant financial services. Experience the power of financial solutions that align with your values and embark on a journey towards a secure and ethical future with our Shariah-compliant fintech platform.
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