Egypt’s Agel raises substantial pre-seed funding


Agel, a pioneer in Egypt’s FinTech landscape, is the nation’s first and only provider of Sharia-compliant financial solutions.

Established in October 2021 by co-founders Abdelrahman Saeed and Ahmed El Sherbiny, Agel is on a mission to reshape traditional financial services in Egypt.

The company has recently closed a seven-digit pre-seed investment round. The round saw participation from several leading MENA-focused venture capital firms, including Plus Venture Capital (+VC), Seedstars International Ventures, Flat6Labs, and SEEDRA Ventures. Banque Misr Acceleration Program and prominent angel investors also joined the round.

Agel’s core objective is to transform traditional financial services and offer alternative, Sharia-compliant financing options to Egypt’s Micro, Small, and Medium Enterprises (MSMEs). The company’s product portfolio includes digital, cashless, and customised financing products such as Murabaha, a cost-plus financing model that aligns with Islamic principles.

With the fresh capital, Agel plans to scale its operations, deepen its product capabilities, and extend its services to major cities across Egypt. Additionally, the company is poised to evolve into a licensed non-banking financial institution and accelerate advanced product development.

Agel also plans to launch a merchant co-branded banking card service in collaboration with Abu Dhabi Islamic Bank (ADIB), among other value-added services. This growth strategy aligns with Egypt’s 2030 vision of financial inclusion and supports the United Nations’ Sustainable Development Goals (UN Global, SDG).

In its first operational year, Agel successfully penetrated the $15bn annual textiles industry in Egypt by establishing a vast suppliers’ network. The company’s innovative approach includes empowering merchants with needed financing to acquire goods and supplies on-credit from its network of suppliers.

Furthermore, Agel aids suppliers by enabling them to sell on-credit and manage their commercial transactions effortlessly through its App. Moving forward, Agel aims to diversify its offerings into other lucrative industries that contribute $85bn annually.

Agel CEO Abdelrahman Saeed celebrated the funding success saying, “We are proud to be backed by prominent regional investors, who offer not only financial support but also invaluable industry knowledge and experience. Their confidence in our business model will enable us to reach our objectives and take our operations to the next level.”

Adding to the excitement, Hasan Haider, Managing Partner at +VC commented: “We are excited to have invested in Agel, which has great potential for growth…we look forward to supporting them as they cement their position as pioneers in the Islamic FinTech space.”

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.