Egypt: Islamic fintech startup backed by Plus Venture Capital, Flat6labs, others
Egypt-based Islamic fintech, Agel, has concluded its pre-seed funding round at an undisclosed seven-digit figure. The round was led by Plus Venture Capital (+VC), Seedstars International Ventures, Flat6labs, and involved participation from SEEDRA Ventures, Banque Misr, and several angel investors.
Agel specialises in digital, cashless, and Sharia-compliant financing products for Egypt’s micro, small, and medium enterprises (MSMEs). It has already established a significant presence in Egypt’s $15bn annual textiles industry and plans to diversify into other sectors.
Agel’s newly secured capital will be utilised for its evolution into a licensed non-banking financial institution, further product development, and expansion into Egypt’s main cities. A co-branded merchant banking card service, in partnership with Abu Dhabi Islamic Bank (ADIB), is also in the pipeline.