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AGELThe Story
Summary
Abdelrahman co-founded Agel, a Sharia-compliant Egyptian fintech that started with the textiles industry. A June 2022 newsletter interview with co-founder Ahmed El Sherbiny and a June 2023 Wamda report cover the idea, the pharmaceuticals pilot, a seven-figure pre-seed round and the plans for the new money.
Details
In a June 2022 Viaka newsletter interview, Agel co-founder Ahmed El Sherbiny described how the idea took shape. Abdelrahman was assisting in the family business, which made and sold textiles, and saw local manufacturers facing liquidity constraints. Ahmed ties that to their inability to access working capital or trade financing. Ahmed says the two co-founders connected a couple of years earlier, when both were invited to Egypt's first fintech retreat, and were always discussing market opportunities.
The Viaka newsletter lists Agel as founded in 2021. Ahmed says Agel started with the textiles industry and was piloting in pharmaceuticals, and gave the mission as helping micro, small and medium-sized businesses get tailored financing products in less than 48 hours. Wamda says Agel was founded in October 2021 by Abdelrahman, as CEO, and Ahmed, as COO. The newsletter lists Abdelrahman as founder and CEO. Agel's press release, run on the Wamda page, calls the company Egypt's first and only Islamic FinTech.
Wamda reported on 21 June 2023 that Agel, co-founded by Abdelrahman, raised a seven-figure pre-seed round. The press release it ran puts the size at undisclosed seven-digit figures. Wamda says Agel offers Sharia-compliant lending to small and medium-sized businesses, including Murabaha, a cost-plus financing model. Wamda names Plus VC, Seedstars International Ventures and Flat6Labs as investors, with participation from SEEDRA Ventures, the Banque Misr Acceleration Program and angel investors. The press release also claims that in its first year Agel built the largest fashion-focused supplier network in Egypt's textile industry.
Wamda says the new funds will let Agel become a licensed non-banking financial institution, refine its product and expand across Egypt. It adds that Agel will launch a merchant co-branded banking card with Abu Dhabi Islamic Bank. Agel's press release, run on the Wamda page, lists the same aims plus diversifying into other industries. In it, Abdelrahman, titled co-founder and CEO, says Agel is proud to be backed by prominent regional investors.
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