Amwal Tech
Amwal Tech is a SAMA-licensed Saudi fintech offering Sharia-compliant credit card installments (3-24 months at 0% interest), biometric FIDO-passkey Quick Checkout, POS, and merchant APIs, serving major Saudi banks and retailers including IKEA, SACO, and Syarah.
- Company typePrivate
- Founded2022
- HeadquartersRiyadh, Saudi Arabia
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What Amwal Tech does
Amwal Tech is a Saudi Arabia-based fintech operating from Jeddah that provides authentication, identity orchestration, and frictionless payment solutions centered on Sharia-compliant bank installments. Its core offering converts credit card purchases into 3-, 6-, 12-, or 24-month interest-free installments through integrations with major Saudi banks (Al Rajhi, SNB, Riyad Bank, Alinma), reported by the company to achieve 95% approval rates. The platform is licensed by the Saudi Central Bank (SAMA) under Payment Service Provider license PSP013 and holds an Abu Dhabi Global Market tech license (00076), with PCI-DSS and Sharia compliance (via Twarruq or Murabaha flows) certifications.
The technical stack combines a FIDO-passkey biometric Quick Checkout, REST APIs with webhook signature verification (RSA-PSS), SDKs for iOS, Android, React Native, PHP, and web, plus pre-built plugins for Shopify, Magento, and WooCommerce. Supporting products include a POS component for in-store installments, SMS-based Payment Links, a Merchant Dashboard for transaction and payout management, and the Mokafaa Rewards loyalty program. Integration timelines are positioned at under 30 minutes for merchants via drop-in SDKs.
Amwal generates revenue primarily through merchant-side transaction processing fees on installment transactions; consumer pricing is 0% interest with no fees. Go-to-market combines a product-led developer-first motion (documentation portal, sandbox environments, e-commerce plugins) with an enterprise field-sales motion targeting large Saudi retailers such as IKEA Saudi Arabia, Syarah, SACO, Abyat, Almatar, and Baytonia. The company has raised a $2.5M pre-seed (February 2023) and a $4M seed (April 2026) from investors including Outliers Venture Capital, Shorooq Partners, TA Ventures, and Wa'ed Ventures, and reports 500+ merchant partners and 1,000,000+ active users on its About page.
Amwal Tech firmographics
Firmographics- Name
- Amwal Tech
- Legal name
- Amwal Tech Inc.
- Website
- https://amwal.tech
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Amwal Tech is a SAMA-licensed Saudi fintech offering Sharia-compliant credit card installments (3-24 months at 0% interest), biometric FIDO-passkey Quick Checkout, POS, and merchant APIs, serving major Saudi banks and retailers including IKEA, SACO, and Syarah.
- Ownership category
- akta.pro rank
Amwal Tech industry classification
Industry- Product category
- Payment Processing Platform
- NAICS
- Sales Financing (52222)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)
- akta.pro secondary industries
- Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)
Keywords
Where Amwal Tech is headquartered
LocationHeadquarters
- HQ city
- Riyadh
- HQ country
- Saudi Arabia
- HQ region
- Middle East
Offices1 record
Markets served
Amwal Tech business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Marketing or Sales, Operations, Infrastructure, Personnel
Revenue model
- Transaction Processing Fees: Amwal charges merchants a transaction fee for processing installment payments. The fee structure includes a percentage-based fee (brand_percentage) and static fee component, plus applicable VAT. Merchants receive payouts after deducting these fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Consumer Installment Plans - 0% fees |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels5 records
Amwal Tech product offering
Product offeringCore offering
Amwal Tech operates a unified payment platform enabling merchants to offer Sharia-compliant credit card installments (3-24 months at 0% interest) and biometric one-click checkout. The platform integrates via REST APIs, SDKs, and pre-built plugins for Shopify, Magento, and WooCommerce, with bank partnerships (Al Rajhi, SNB, Riyad Bank) handling the underlying installment conversion. Additional offerings include POS components, payment links, a merchant dashboard, and a Mokafaa loyalty rewards program.
Product overview
Amwal Tech offers a unified payments platform centered on Sharia-compliant bank installment solutions for the Saudi market. The core offering combines Bank Installments (3-24 month interest-free credit card installments) with Quick Checkout (1-click biometric authentication via FIDO passkeys) as the primary consumer-facing products. Supporting infrastructure includes POS for in-store installments, Payment Links for SMS-based collection, and a Merchant Dashboard for transaction and payout management. Integration is enabled through APIs and SDKs supporting Shopify, Magento, and WooCommerce. The Mokafaa Rewards program adds loyalty functionality. All products are regulated by SAMA (Saudi Central Bank) under license PSP013 and operate within Islamic finance principles.
Differentiator
Problem solved
Functional benefit
Products and services
- Bank Installments Sharia-compliant credit card installment product enabling Saudi consumers to split purchases into 3-24 month plans at 0% interest, with bank partners (Al Rajhi, SNB, Riyad Bank) handling installment conversion. Sold to merchants who offer it at checkout, and used by credit card-holding consumers.
- Quick Checkout FIDO-passkey biometric one-click checkout solution providing instant authentication and payment processing for merchants and their customers. Reduces checkout friction by replacing OTP and manual card entry.
- Payment Links SMS and URL-based payment links allowing merchants to send installment payment requests directly to a customer's mobile device, supporting remote and conversational commerce flows.
- POS (Point of Sale) Point of Sale component enabling merchants to accept digital bank installments in physical stores with a numeric keypad interface, QR code generation, and real-time installment processing with receipt support.
- Merchant Dashboard Web-based self-serve merchant portal for managing transactions, payouts, statements, VAT invoices, user roles, branches, and integration settings across sandbox and production environments.
- Mokafaa Rewards Loyalty program awarding Mokafaa points to consumers on every installment purchase, with point accumulation and redemption functionality integrated into the checkout experience.
- Merchant Integration APIs and SDKs Suite of REST APIs and SDKs (PHP, JavaScript/React, Web-View, iOS, Android) with pre-built plugins for Shopify, Magento, and WooCommerce that allow merchants to integrate Amwal checkout and bank installments into their e-commerce platforms.
Quantifiable outcome
- 10-second biometric checkout (3x faster than industry average)
- +3 more outcomes
Companies that use Amwal Tech
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles4 records
Amwal Tech technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability4 records
Feature5 records
Amwal Tech partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- Arabian DrivecorePartnership announced to offer credit card holders flexible installment options for up to 24 months, fully Sharia-compliant. Arabian Drive customers can split purchases via credit card converted into monthly installments, with no app download required and ability to earn credit card reward points.
- MoneyHashcoreEgypt-based payment orchestration platform partnered with Amwal to integrate high-limit installment solutions into MoneyHash's platform, expanding installment-based payment options across Saudi Arabia. The integration aims to reduce costs and complexity for enterprises and aligns with Saudi Arabia's digital payment expansion goals.
- Al Rajhi BankcoreMajor Saudi bank partnership enabling instant credit card installment conversion. Al Rajhi provides the banking infrastructure and approval process for Amwal's installment products.
- Saudi National Bank (SNB)corePartnership with Saudi National Bank providing credit card installment capabilities through Amwal's platform integration.
- Riyad BankcorePartnership with Riyad Bank for bank installment services, allowing customers to select Riyad Bank credit cards for installment conversion at checkout.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Amwal Tech competitors and assessment
Company assessmentBroad incumbents
- MNT-Halan: Broad MENA fintech covering lending, payments and BNPL. While Egypt-led, it is expanding across the region and competes for similar merchant and consumer relationships.
- Adyen: Global unified payments platform serving enterprise merchants. Competes at the top end of Amwal's enterprise merchant segment for checkout orchestration.
- Checkout.com: Global payment processor with strong MENA presence including KSA. Could compete on merchant checkout rails and pressure Amwal's payment-orchestration layer.
- Stripe: Global payment infrastructure provider expanding into BNPL and MENA. Represents the long-term competitive ceiling for any developer-first payment API player.
Direct peers
- Tabby: MENA-leading BNPL platform operating across UAE, KSA and beyond. Directly competes in installment checkout with merchants and banks, with similar bank-partnership and merchant-integration model.
- Tamara: Saudi-headquartered BNPL platform offering Sharia-compliant installment payments at checkout. Most direct competitor to Amwal in KSA, also partnering with major Saudi banks and serving merchants like IKEA and H&M.
- valU: Egyptian Sharia-compliant BNPL and consumer finance platform under EFG Finance. Comparable in Islamic-finance installment model and merchant checkout positioning across MENA.
Emerging players
- Spotii: MENA-focused pay-later startup offering installment checkout. Competes in the same Sharia-compliant-friendly BNPL space with a digital-first merchant onboarding approach.
Regional players
- Telr: UAE-based payment processor with merchants across MENA. Overlaps with Amwal on payment gateway and merchant onboarding, though less BNPL-focused.
- Cashee: UAE-based BNPL and consumer finance app for younger demographics. Overlaps with Amwal's installment model but is primarily app-driven rather than bank-card-rail-driven.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Amwal Tech social profiles
Digital presenceAmwal Tech compliance and trust
Trust signalCompliance4 records
Amwal Tech financial estimates
Financial estimateRevenue estimate
Valuation estimate
Amwal Tech leadership team
Management profileNumber of profiles
Amwal Tech funding detail
Funding detailFunding overview
Funding rounds3 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Amwal Tech M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Amwal Tech
What does Amwal Tech do?
Amwal Tech operates a unified payment platform enabling merchants to offer Sharia-compliant credit card installments (3-24 months at 0% interest) and biometric one-click checkout. The platform integrates via REST APIs, SDKs, and pre-built plugins for Shopify, Magento, and WooCommerce, with bank partnerships (Al Rajhi, SNB, Riyad Bank) handling the underlying installment conversion. Additional offerings include POS components, payment links, a merchant dashboard, and a Mokafaa loyalty rewards program.
Is Amwal Tech a public or private company?
Amwal Tech is a private company. It is classified as venture growth investor backed and is currently operating.
When was Amwal Tech founded?
Amwal Tech was founded in 2022. It employs 11 to 50 people.
Where is Amwal Tech based?
Amwal Tech is headquartered in Riyadh, Saudi Arabia, in the Middle East region.
How does Amwal Tech make money?
One revenue line is on record: transaction Processing Fees.
Who are Amwal Tech's main competitors?
Broad incumbents on record are MNT-Halan, Adyen, Checkout.com and Stripe. Direct peers are Tabby, Tamara and valU. Spotii is listed as an emerging player. Regional players are Telr and Cashee.
Does Amwal Tech have an API?
Yes. Amwal provides a REST API with webhook support for payment and installment processing. The API supports merchant authentication via Authorization header, optional X-Amwal-Key header for sandbox/production environments, and RSA-PSS signature verification for webhook security. Available endpoints include payment link creation, transaction details retrieval, refund processing, installment tracking, and statement reporting. Sandbox and production environments are supported. Base URL: https://backend.sa.amwal.tech Developer documentation is at docs.amwal.tech.
What industry is Amwal Tech in?
Amwal Tech's product category is Payment Processing Platform. Its primary akta.pro industry code is FSAKACAA, Merchant-Integrated BNPL (Online Checkout), with a secondary code of FSAMABAA, Integrated Payment Processors (PSP/Acquirer). Its NAICS code is 52222 and its SIC code is 6141.