• Pure Platform, a US and Iraq-headquartered e-commerce company, has secured a seven-figure investment deal from the International Smart Card Group (ISC), the owner of Qi Card. 
• The funding round will enable Pure Platform to obtain an operational licence in Iraq.
• Founded in 2019 in the US by Mohamed Alkhafaji, Pure Platform is a one-stop shop for vendors and customers from Iraq to purchase a wide range of products sold in Turkey, the Gulf, and the USA markets.
• It plans to target 10 additional countries by June 2024.

Source: Tajarib Podcast 

Pure Platform, a leading AI-driven cross-border e-commerce and fintech solution provider, has secured an operational license deal in Iraq. The International Smart Card Group (ISC), owner of Qi Card, has acquired the renewable license for a seven-figure sum, marking a pivotal moment in Pure Platform’s expansion strategy. This deal comes at the tail of significant growth of the company in 2023, with over 300% growth in sales in 2022, and over 600% growth in 2023, reaching an 8-digit accumulative revenue by the end of the year.

“This strategic agreement with ISC amplifies our operational capabilities in Iraq, bolstering our foothold in the region,” remarked Moe Alkhafaji, CEO and Founder of Pure Platform. “Our focus remains on leveraging cutting-edge technologies such as AI advancements, and a sustainably scalable approach to revolutionize the global shopping experience.”

Distinguishing itself in the market, Pure Platform relies on superior technologies and user-focused interface to offer a seamless e-commerce experience, connecting Iraqi and Saudi customers with sellers across the US, Europe, Gulf, and Turkey. Integral to its success is the platform’s utilization of advanced AI, precisely calculating shipping costs upfront, and introducing a pioneering e-commerce assistant, Bibu, proficient in local Iraqi and Saudi dialects.

Established in Chicago, USA in 2019, Pure Platform was founded, “with a dual-purpose directive,” articulated by Alkhafaji. “Our strategy encompasses two core arms: a technical and IP-focused division, dedicated to propelling e-commerce through technological innovation and automation; alongside an operational subsidiary recently established in Saudi Arabia. This subsidiary aims to spearhead strategic growth and global expansion by deploying a licensing framework to collaborate with local investment groups in new markets. This collaborative venture involves a renewable licensing fee structure and gross profit sharing from sales. Notably, the successful sale of the initial license in Iraq stands as a testament to the local investor community’s embrace of this unique business model.”

Alkhafaji highlighted, “Our entry into Iraq, rooted in a deep understanding of the cultural landscape, was pivotal. We’ve empowered consumers, pioneering a behavioral shift towards online transactions. This paradigm shift in behavior underscores our commitment to driving substantial value and innovation.”

The acquisition by ISC not only signals a success story for aspiring entrepreneurs but also underscores Pure Platform’s commitment to sustainable scalability. With an aggressive expansion strategy targeting 10 additional countries by June 2024, Pure Platform embraces a “plug and play” model, collaborating with local entities to navigate diverse markets effectively.

Alkhafaji emphasized the importance of the licensing model, stating, “Our goal is to redefine cross-border e-commerce globally. This approach allows us to rapidly and cost-effectively expand while maintaining a high level of technological expertise and service quality.”

Discussing the acquisition rationale, Alkhafaji outlined, “Our partnership with ISC aligns with our vision for sustainable growth. The evolving digital landscape in Iraq, catalyzed by regulations promoting e-payment, presents immense opportunities for innovative solutions like ours.”

Pure Platform’s commitment to transparency, highlighted by its detailed and transparent cost breakdown for customers, emphasizes the company’s dedication to fair practices and efficiency. Alkhafaji reiterated, “Our revenue model prioritizes optimal logistics and AI-driven cost optimization, ensuring a customer-centric approach devoid of inflated expenses.”

Alkhafaji emphasized the indispensable significance of AI, stating, “AI transcends mere speculation of adoption; it’s an inevitability. Its integration plays a pivotal role in enabling businesses to maintain a competitive edge, particularly within emerging markets like Iraq. The crux lies in harnessing AI’s transformative potential, revolutionizing operational efficiency amid the scarcity of extensive and pertinent data. This necessitates a strategic focus on deploying intelligent algorithmic rule sets and zero-shot models, perpetually engaged in iterative re-learning processes, thus circumventing the limitations posed by data scarcity.”

Alkhafaji’s steadfast belief in scalability, sustainability, while being obsessed with delivering distinguished customer value defines Pure Platform’s trajectory, positioning the company at the forefront of global e-commerce innovation.