Riyadh – Sharikat Mubasher: Saudi-based fintech startup AmwalTech announced the successful closure of a $4 million seed funding round.

The round was backed by prominent local and regional investors, including Wa’ed Ventures, TA Ventures, Shorooq Partners, and Outliers Ventures, according to a recent press release.

The funding will be used to enhance the platform’s technology with advanced features, build collaborations with more merchants and brands, and scale operations across Saudi Arabia and neighboring markets.

AmwalTech has already secured partnerships with leading brands such as Sony, Bateel, Petunia, and Al Shita Wal Sayf. The company is also developing a biometric-enabled installment gateway in collaboration with local banks, enabling instant financing during online shopping.

Founded in 2022 by Reda Reda, Mohamed Zago, and Sameh Galal, AmwalTech has quickly established itself in the Saudi market. Its platform provides innovative payment and installment options, offering customers a seamless shopping experience and merchants tools to boost sales and customer loyalty.

This seed round builds on AmwalTech’s pre-seed funding of 9.4 million SAR in February 2023, led by Shorooq Partners and Outliers Ventures. Its ability to consistently attract high-profile investors highlights its strong market potential and innovative approach.

As the Saudi e-commerce sector continues to grow rapidly, AmwalTech is poised to lead the transformation in payment solutions. With its focus on customer-centric services, advanced technology, and strong partnerships, the company aims to solidify its position as a fintech leader in the region.