Amwal raises $2.5 million pre-Seed round
Summary
None Saudi Arabia-based fintech Amwal has secured $2.5 million in a pre-Seed round co-led by Shorooq Partners and Outliers Venture Capital alongside angel investors. None The new round will enable Amwal to improve its technology and enhance its presence in the Mena region.Fintech Amwal has secured $2.5 million in a pre-Seed round co-led by Shorooq Partners and Outliers Venture Capital with angel investors. By abstracting device identity, fraud prevention, and payment tokenisation in a single API, Amwal has built a cryptographic biometric checkout solution.According to the startup, every day in Mena, there are more than 50 million online transactions (e-commerce, bank-bank transfer, wallet, or remittance). By removing the friction of account creation, shipping address, payment details, and authentication, Amwal is enabling its network of merchants to increase their checkout conversion by 35%, shared co-founder and CEO Mohamed Zaghoo.Amwal says it is looking to improve the authentication and authorization for the Mena $250 billion payment market. We are extremely proud to join Amwals journey in revolutionising the authentication and processing infrastructure for payments in the region and beyond.