Saudi Arabia fintech firm Amwal raises $2.5M pre-seed funding
The investment round was co-led by Shorooq Partners and Outliers Venture Capital, alongside angel investors. The funding is expected to enable Amwal to enhance its technology and presence in the MENA region.
Saudi Arabia-based fintech firm has raised $2.5 million in a pre-seed round. The investment round was co-led by and , alongside angel investors.
Founded by Mohamed Zaghoo and Reda Reda in 2022, the startup aims to enhance the authentication of money across the world, through abstraction of payment tokenisation, device identity, and fraud prevention over a single application programming interface (API). It has also developed a cryptographic biometric checkout solution licensed by Saudi Central Bank.
The infusion of fund is expected to enable Amwal to enhance its technology and presence in the MENA region.
This Dubai-based bootstrapped firm is building a one-stop platform for lending
Over 50 million online transactions take place in a day in the MENA region, according to the startup. Currently, they are authenticated through a mix of outmoded credential-based passwords and one-time passwords, which can be frictional, expensive to maintain and distribute, and phishable.
"Amwal enables its merchant network to increase their checkout conversion by 35%. It does so by removing the friction involved in account creation, authentication, shipping address, and payment details,” said Zaghoo.
The startup aims to enhance authentication and authorisation for the region's $250-billion payment market, said a note shared by Wamda.
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Edited by Swetha Kannan
