Fintech startup Amwal, based in the Middle East, has raised $2.5 million in a pre-seed funding round led by Shorooq Partners, Outliers Venture Capital, and several angel investors.

The company wants to change how money is verified worldwide by putting device identification, fraud prevention, and tokenization of payments into a single API.

Amwal has made one of the first uses of this technology by creating a cryptographic biometric checkout solution that uses multi-device authentication tokens (FIDO-passkeys) for payments.

(By Grace Ashiru)

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