Amwal Tech raised $2.5 million in a Pre-SEED round co-led by Shorooq Partners and Outliers Venture Capital with participation from angel investors.
The startup was founded in 2022 to improve the way money gets authenticated worldwide. By abstracting device identity, fraud prevention, and payment tokenization in a single API, it has built a cryptographic biometric checkout solution.
“It is one of the first implementations of multi-device authentication tokens (FIDO-passkeys) for payments. By removing the friction of account creation, shipping address, payment details, and authentication, we are enabling our network of merchants to increase their checkout conversion by 35%,” Mohamed Zaghoo, Co-founder and CEO of Amwal, said.
Amwal says it is looking to improve the authentication and authorization for the MENA $250 billion payment market. The startup’s biometric checkout is licensed from Saudi payments (Saudi Central Bank).
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