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AmwalTech Raises $4 Million to Transform Payment Authentication Across MENA

Editorial Team
Editorial Team

3 min

Funding Amount: $4 million in seed funding.

Lead Investors: Shorooq Partners and Outliers Venture Capital.

Technology Focus: Cryptographic biometric checkout solutions using FIDO-passkeys.

Target Market: MENA region's burgeoning $250 billion payment sector.

Future Plans: Strengthen partnerships with merchants and banks, and develop instant financing options for online shoppers.

In the heart of Riyadh's bustling tech scene, AmwalTech, a visionary fintech startup, has announced a remarkable $4 million seed funding round. Co-led by prominent investors Shorooq Partners and Outliers Venture Capital, the round also saw enthusiastic participation from a network of angel investors who share AmwalTech's passion for revolutionizing payments in the Middle East and North Africa (MENA).

Established just last year in 2022, AmwalTech emerged from a simple yet powerful idea: to eliminate the everyday frustrations people face with online payments. "We've all felt that moment of irritation when a payment doesn't go through smoothly," says CEO and co-founder Fatima Al-Zahra. "At AmwalTech, we're not just creating a product; we're crafting an experience that brings ease and security back to payments."

Their groundbreaking solution leverages cryptographic biometric technology, utilizing multi-device authentication tokens known as FIDO-passkeys. This means that instead of juggling passwords or waiting for SMS codes (which, let's be honest, don't always arrive on time), users can authenticate transactions seamlessly with their biometrics. It's a win-win: enhanced security without sacrificing convenience.

The timing couldn't be better. The MENA region is experiencing an explosion in digital transactions, with over 50 million online payments processed daily—from shopping sprees on e-commerce platforms to vital remittances sent across borders. Yet, many users still grapple with clunky authentication methods that can lead to abandoned carts and lost revenue for merchants.

"Our mission is to bridge that gap," explains CTO and co-founder Ahmed Mansour. "By simplifying the authentication process, we're not only protecting users but also boosting conversion rates for businesses. Some of our partners have already seen a 35% increase at checkout—a game-changer in today's competitive market."

With the fresh infusion of capital, AmwalTech is gearing up for the next phase of its journey. Plans are underway to introduce advanced features that cater to the unique needs of the MENA market. This includes collaborating with local banks to develop a biometric-enabled installment gateway, giving shoppers the flexibility to finance their purchases instantly—a feature that resonates deeply in a region where installment payments are part of the cultural fabric.

But for AmwalTech, it's about more than just technology; it's about community and trust. "We're proud to be a Saudi company contributing to the Kingdom's Vision 2030 by fostering innovation and supporting economic growth," says Fatima. "Our partnerships with merchants and financial institutions are rooted in shared goals and mutual respect."

Reflecting on their journey, Ahmed adds, "Securing $4 million in seed funding is humbling, but it's also a testament to the hard work of our incredible team and the belief our investors have in our vision. We're excited for what's ahead."

This isn't the first time AmwalTech has caught the eye of major investors. Earlier in February 2023, the startup raised $2.5 million in a pre-seed round with the same leading investors, signaling a strong and ongoing commitment to AmwalTech's success.

As the digital economy in Saudi Arabia and the broader MENA region continues to flourish, companies like AmwalTech are not just participating in the future—they're actively shaping it. With their innovative approach to payment authentication, a deep understanding of their customers, and a passionate team driving their mission forward, AmwalTech is poised to make a lasting impact on how the region thinks about and experiences payments.

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"We're just getting started," Fatima beams. "The best is yet to come."

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