Financial Technology Company Amwal Raises $2.5 Million in Pre-Seed Round of Financing

03/02/2023 12:17 • Metaverse Matters • 153 views

On March 2, Amwal, a financial technology company based on multi-device authentication token, announced the completion of a pre-seed round of financing of US $2.5 million, with Shorooq Partners, Outliers Venture Capital and others participating. Amwal hopes to integrate the functions of device identification, fraud prevention and payment token into the independent application program interface (API) to provide an encrypted biometric settlement solution using multi-device authentication token.

Amwal, a financial technology company, completed the pre-seed round financing of US $2.5 million

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Amwal, a financial technology company, announced on March 2 that it has successfully raised $2.5 million in a pre-seed round of financing, with Shorooq Partners, Outliers Venture Capital, and other investors participating. The company intends to use these funds to integrate device identification, fraud prevention, and payment token functions into an independent application program interface (API) to offer an encrypted biometric settlement solution through multi-device authentication token.

The use of the word “multi-device authentication token” refers to a form of identity verification, which requires users to authenticate themselves using multiple devices. This type of authentication solution is more secure, as it reduces the chances of fraud, hacking, and identity theft.

The significance of Amwal’s announcement is that the company aims to offer a complete solution that covers multiple aspects of financial security – device identification, fraud prevention, and payment token. The integration of these functions into a single API will allow users to manage their financial transactions seamlessly, confidently, and securely.

Furthermore, the company’s focus on biometric settlement solutions is critical as this type of authentication relies on a user’s unique biological characteristics such as fingerprints, voice, face recognition, and iris scans. Biometric identification is a game-changing technology that is more secure than traditional authentication methods such as passwords, which are susceptible to hacks, leaks, and guesswork.

The market for financial technology solutions is vast and constantly evolving. As more people opt for digital financial transactions, the need for secure and reliable financial technology solutions is increasing. Amwal’s latest announcement shows that the company is positioning itself to cater to this growing market.

In conclusion, Amwal’s successful pre-seed funding round is a significant step towards the company’s goal of providing a complete multi-device authentication token solution that covers all aspects of financial security. By integrating device identification, fraud prevention, and payment token functions into a single API and offering biometric settlement solutions, Amwal has positioned itself to address the evolving financial technology needs of consumers and businesses alike.

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