Agel
Egypt’s First Islamic Fintech that's aiming to provide alternative financing solutions that cater MSMEs unique needs.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
* | $1.0m | Seed | |
| Total Funding | 000k | ||
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| % growth | - | 33 % |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Agel is a financial technology company operating in Egypt, positioning itself as a key player in the Sharia-compliant financing sector for Micro, Small, and Medium Enterprises (MSMEs). Founded in October 2021 by CEO Abdelrahman Saeed and COO Ahmed El Sherbiny, the company aims to address the significant financing gap within the MSME market by offering digital, cashless, and culturally relevant lending solutions.
The company's core business revolves around a buy now, pay later (BNPL) model for merchant procurement. It empowers retail merchants by providing them with the necessary financing to acquire goods and supplies on credit from a network of industry-focused suppliers. This is managed through Agel's mobile application, which facilitates the transactions and helps suppliers increase sales by enabling them to sell on credit and manage these dealings seamlessly. The primary revenue stream is derived from a cost-plus financing model known as Murabaha, which is compliant with Islamic principles.
In its initial phase, Agel strategically focused on Egypt's substantial textiles industry, successfully establishing a large network of fashion-focused suppliers. The company has outlined plans to diversify into other lucrative sectors. A significant milestone was achieved in June 2023 when Agel secured a seven-figure pre-seed funding round. This investment, led by firms including Plus Venture Capital (+VC), Seedstars International Ventures, and Flat6labs, is earmarked for obtaining a non-banking financial institution license, enhancing its product, and expanding its operational footprint across major cities in Egypt. As part of its growth, Agel also intends to launch a co-branded banking card for merchants in partnership with Abu Dhabi Islamic Bank (ADIB).
Keywords: Islamic fintech, Sharia-compliant finance, MSME lending, Egypt, merchant financing, buy now pay later, BNPL for business, supply chain finance, digital lending, Murabaha, trade finance, procurement financing, cost-plus financing, emerging markets fintech, Abdelrahman Saeed, Ahmed El Sherbiny, Flat6labs, Seedstars, Plus Venture Capital, MENA fintech