*Data updated daily at 18:00 EAT
Egyptian fintech startup Agel has raised a seven-figure pre-Seed round from Plus Venture Capital (+VC) and Seedstars International Ventures, Flat6labs, with participation from SEEDRA Ventures, Banque Misr Acceleration Program, and angel investors. The new funding will be deployed to allow Agel to become a licensed non-banking financial institution, fine-tune its product, and accelerate its expansion across Egypt.
Agel offers Sharia-compliant lending services for small and medium-sized enterprises (SMEs) including Murabaha, a cost-plus financing model that is in line with Islamic principles. Agel’s strategy revolves around empowering merchants with the financing needed to acquire the goods and supplies required for their trade on-credit from its industry-focused network of suppliers. It also assists suppliers in increasing their sales by allowing them to sell on-credit and manage their commercial transactions effortlessly through the App.