Prime Highlights
- HALA raised $157 million in Series B funding, led by The Rise Fund and Sanabil Investments, marking one of the largest fintech investments in the Middle East.
- The company plans to expand services and lending products regionally, strengthening support for SMEs and freelancers.
Key Facts
- HALA, founded in 2018, already supports over 142,000 businesses and handles $8 billion in annual transactions.
- The fintech firm joined the Saudi Unicorns Programme in October 2023, cementing its role in the Kingdom’s fast-growing digital finance ecosystem.
Background
HALA, a Saudi-based financial technology (fintech) company, announced it has raised $157 million in a Series B funding round. This is one of the biggest investments in a fintech company in the Middle East. The funding was led by The Rise Fund and Sanabil Investments. Other investors included QED, Raed Ventures, Impact 46, and MEVP.
HALA was founded by Esam Alnahdi and Maher Loubieh in 2018. The company provides banking and financial services to mostly small and medium-sized businesses (SMEs) and freelancers. Its services are business accounts, corporate cards, payment and transfers services, point of sale (POS) solutions, and financing solutions.
Nowadays, HALA has more than 142,000 businesses under its support and conducts transactions of more than $8 billion annually.
The new investment will help HALA to enhance its services and increase its lending products. It also aims to grow beyond Saudi Arabia into other countries in the region. The company aims to support more small enterprises and self-employed people to easily handle their finances with the help of digital services.
HALA became part of the Saudi Unicorns Programme in October 2023, recognizing its important role in the growing financial technology sector in the Kingdom.
This funding will help HALA offer better services to more businesses and strengthen its position as a key player in Saudi Arabia’s digital finance market.
