Agel, Egypt’s first and only Islamic FinTech, has announced that the company has successfully closed the pre-seed round for undisclosed seven-digit figures. The investment round was led by leading MENA-focused venture capital firms, Plus Venture Capital (+VC), Seedstars International Ventures, Flat6labs, with participation from SEEDRA Ventures, Banque Misr, and prominent angel investors.
Agel is committed to transforming traditional financial services and providing alternative financing options to meet Egypt’s Micro, Small, and Medium Enterprises (MSMEs) needs. The company’s mission is to offer customized, digital, cashless, and Sharia-compliant financing products, including Murabaha, a cost-plus financing model that complies with Islamic principles.
Commenting on their recent round, Agel CEO Abdelrahman Saeed, “We are proud to be backed by prominent regional investors, who offer not only financial support but also invaluable industry knowledge and experience,” said. “Their confidence in our business model will enable us to reach our objectives and take our operations to the next level.”
The newly raised funds will be deployed to grow Agel into a licensed non-banking financial institution, accelerate advanced product development to cater to its rapidly increasing customer base, and expand its footprints to the major cities in Egypt. Agel will also launch a merchant co-branded banking card service in partnership with Abu Dhabi Islamic Bank (ADIB) and other value-added services.
Commenting on the fundraising announcement, Hasan Haider, Managing Partner at +VC said: “We are excited to have invested in Agel, which has great potential for growth. While limited financing options remain a constraint to MSMEs in Egypt, Agel is a powerful, innovative solution for quick and easy Sharia-compliant payment options. As Abdelrahman and his team work to deepen their platform capabilities and expand their services to major cities in Egypt, we look forward to supporting them as they cement their position as pioneers in the Islamic FinTech space.”
