In 2023, Pure Platform, a leading provider in cross-border e-commerce solutions and AI-powered financial technology, achieved significant success. The company obtained an operational license in Iraq following its acquisition by the International Smart Card (ISC) group, the owners of the Qi Card, for a substantial seven-figure sum. This milestone marks a pivotal moment in Pure Platform’s expansion strategy, aiming for success and excellence in the e-commerce and financial technology realms.
Pure Platform’s remarkable success in recent years has led to tremendous growth in the company’s sales, with an increase of over 300% in 2022 and a surge of more than 600% in 2023. Consequently, the company’s cumulative revenues reached staggering amounts by the year’s end.
Mumen Al-Khafaji, the CEO and founder of Pure Platform, pointed out the significance of this agreement with ISC. It will enhance the company’s operational capabilities in Iraq and bolster its position in the region. Al-Khafaji and his team are keen to exploit the latest technological advancements, such as developments in artificial intelligence, and adopt a scalable and sustainable approach to transform the global shopping experience.
Pure Platform distinguishes itself in the market with its advanced technology and user interface, focusing on providing a seamless e-commerce experience. The company connects Iraqi and Saudi customers with sellers in various regions, including the United States, Europe, the Gulf, and Turkey. It relies on advanced technology to accurately calculate shipping costs in advance and has also introduced an innovative e-commerce assistant known as “Bibo,” proficient in local dialects of Iraq and Saudi Arabia.
Founded in Chicago, USA, in 2019, Pure Platform has developed its strategy based on two main goals. The first is its focus on technological innovation and excellence in AI and financial technology. The second is expanding its business scope both locally and globally. The company represents a unique model based on licensing cooperation with local investment groups in new markets, including a renewable licensing model and participation in total sales profits.
Al-Khafaji expressed his appreciation for the company’s entrance into the Iraqi market and its deep understanding of the cultural landscape there. This move has enabled consumers and driven them towards more online transactions. He believes this shift in consumer behavior demonstrates the company’s commitment to providing significant value and innovation.
ISC’s acquisition of Pure Platform reaffirms the company’s commitment to sustainable expansion. The company is now targeting significant expansion into an additional 10 countries by June 2024, relying on a “connect and operate” model to collaborate with local entities and adapt to the varied needs of different markets.
Al-Khafaji emphasized the importance of the licensing model in the company’s strategy, allowing for rapid expansion at a reasonable cost without compromising on service quality or technological expertise. He also pointed out the critical role of AI in business, not merely as speculation but as an unavoidable reality. AI plays a vital role in enhancing competitiveness, especially in emerging markets like Iraq, and should be utilized for its transformative capabilities to achieve high operational efficiency despite data scarcity. This involves focusing on smart rule sets and recurrent learning models for thumbnails to overcome these limitations.