Amwal Completes Pre-Seed Funding Round to Develop a Stronger and Safer Biometric Settlement Solution

03/02/2023 12:17 • AI & Tech Insights • 61 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

Interpretation of the news:

Amwal, a financial technology company, announced in a press release on March 2 that it has successfully completed a pre-seed funding round of $2.5 million. The funding round had contributions from Shoorooq Partners, Outliers Venture Capital, and other parties.

Amwal aims to utilize the funding to develop a more robust and safer biometric settlement solution – an encrypted API that integrates the functions of device identification, fraud prevention, and payment token using multi-device authentication token technology.

The biometric settlement solution is focused on providing users with a secure and efficient means of completing transactions in a world that places a premium on online security.

Multi-device authentication token (MAT) is an innovative security tool that offers a higher level of security than traditional two-factor authentication (2FA) measures. MAT enhances security by allowing users to use multiple devices to complete a single transaction. This approach offers better protection against identity theft, cloning of devices, and session hijacking.

Amwal’s biometric settlement solution provides merchants with a secure means of accepting payments without compromising their customers’ privacy. The system makes use of fingerprints, iris scans, voice recognition, and facial recognition to secure payments, making them more secure and more convenient.

The API also allows for quick and easy integration with third-party applications, enabling merchants to deploy the system quickly and without making significant changes to their existing platforms.

The pre-seed funding round will help Amwal to develop a stronger and safer biometric settlement solution. It will enable the company to acquire the necessary talent and technology required to develop a product that is both secure and user-friendly. The technology promises to revolutionize the way businesses transact with customers by making online payments more secure and more seamless.

In conclusion, Amwal’s pre-seed funding round is a significant step towards realizing the company’s vision of developing a safer and more convenient biometric settlement solution. With the backing of reputable investors, the company can now focus on developing a product that ensures customers’ online transactions are protected from fraud, identity theft, and other online security threats.

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