Saudi Fintech Amwal Secures $4M Seed to Develop Payment Processing

Amwal Tech, a Saudi Arabia-based specialist in payment and installment solutions for e-commerce, has raised $4 million in a seed investment round. The funding round drew participation from prominent local and regional investors, including Waed Ventures, the Saudi Company for Financial Technology, TA Ventures, Shorooq Ventures, and Outliers Ventures.

The newly raised funds will be channeled into three primary areas: advancing the technologies powering the Amwal Tech platform, expanding its partner network, and bolstering installment services across Saudi Arabia and neighbouring markets.

Founded in 2022 by Reda Reda, Mohammed Zago, and Sameh Jalal, Amwal Tech has rapidly gained traction in the Saudi market. The company has established partnerships with leading brands such as Sony, Betil, Bitunia, Winter and Summer.

Amwal Tech is currently developing an installment portal in collaboration with local banks. The portal incorporates biometric authentication technology, including fingerprint recognition, enabling banks to offer instant financing to customers during the purchasing process. This development aims to streamline the installment experience and increase customer convenience.

This latest funding milestone follows a pre-seed round led by Shorooq Partners and Outliers Venture Capital in February 2023, during which Amwal Tech raised SR 9.4 million.