Amwal Tech, a Saudi-based fintech innovator specializing in payment and installment solutions for e-commerce, has successfully secured $4 million in seed funding. The investment round saw participation from leading regional investors, including Waed Ventures, Saudi Company for Financial Technology, TA Ventures, Shorooq Ventures, and Outliers Ventures.
Amwal is focused on Growth and Innovation in Saudi Arabia
With the fresh capital, Amwal plans to accelerate growth in three key areas:
- Enhancing platform technologies to improve user experience and scalability.
- Expanding its network of partners, ensuring broader market coverage.
- Scaling installment services across Saudi Arabia and regional markets.
This funding marks a significant step in Amwal’s journey toward becoming a leader in innovative financial solutions.
Streamlining Installments with Biometric Tech
Founded in 2022 by Reda Reda, Mohammed Zago, and Sameh Jalal, Amwal is revolutionizing how payments work in e-commerce. The company is currently collaborating with local banks to build an installment portal. This feature integrates with the platform’s biometric authentication technologies, such as fingerprint recognition.
This cutting-edge solution allows banks to offer instant financing options directly at checkout, making the installment process faster and more convenient for customers.
Building Strong Brand Partnerships
In just two years, Amwal has partnered with leading brands like Sony, Betil, Bitunia, and Winter and Summer. In effect, these collaborations reflect the growing demand for its solutions. This is particularly visible in an e-commerce landscape that increasingly values flexible payment options.
Strategic Investors are backing Amwal
This seed funding follows a pre-seed round in February 2023. In fact Shorooq Partners and Outliers Venture Capital were behind it at that time as well. Amwal secured SR 9.4 million in these previous rounds. Moreover, the continued backing from top-tier investors underscores confidence in the company’s vision and market potential.
Amwal is positioned for Regional Leadership beyond Saudi
As Amwal scales its operations, it is set to play a pivotal role in advancing financial technology in Saudi Arabia and neighboring markets. By combining biometric innovations with a customer-centric approach, Amwal is driving the future of e-commerce payments and empowering businesses to grow with smarter solutions.
