Amwal Tech Raises $4 Million to Expand E-commerce Installment Solutions

Amwal Tech Co-Founders (L-R): Reda Reda (COO), Sameh Galal (CTO), and Mohamed Zaghoo (CEO)

Amwal Tech, a Saudi startup specializing in payment and installment solutions for e-commerce, has raised $4 million in a seed funding round. The investment saw participation from prominent backers, including Wa'ed Ventures, the Saudi Company for Financial Technology, TA Ventures, Shorooq Ventures, and Outliers Ventures.

The funding will support the enhancement of Amwal Tech's platform, the expansion of its partner network, and the growth of installment services across Saudi Arabia and nearby markets.

Founded in 2022 by Reda Reda, Mohammed Zago, and Sameh Jalal, the company has gained momentum, securing partnerships with top brands such as Sony, Betil, and Winter and Summer. Amwal Tech is also working with local banks to create an installment portal featuring biometric authentication for instant financing during purchases, simplifying the consumer experience.

This achievement builds on a pre-seed funding round in February 2023, where the company raised SAR 9.4 million from Shorooq Partners and Outliers Venture Capital.

Source: Costa Pappas / Startup Scene