Saudi Arabian fintech HALA has raised $157 million in a landmark Series B funding round. The investment was co-led by The Rise Fund, TPG’s global impact investing strategy, and Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
A Landmark Investment for Regional Fintech
The round, which marks one of the largest fintech Series B deals in the Middle East, saw participation from a roster of prominent regional and global investors, including QED, Raed Ventures, Impact 46, and Middle East Venture Partners (MEVP). This significant capital injection underscores strong investor confidence in HALA’s business model and its pivotal role in the region’s evolving financial landscape.
Empowering Saudi SMEs and Freelancers
Founded in 2018, HALA provides a comprehensive financial platform tailored for Micro, Small, and Medium Enterprises (MSMEs) and freelancers. Its offerings include business accounts, payment solutions, POS systems, corporate cards, and lending products designed to help businesses start, run, and scale their operations. The company currently serves over 142,000 MSMEs and processes more than $8 billion in annual transactions, aligning its growth with the goals of Saudi Vision 2030 to enhance the SME sector’s contribution to the economy.
Fueling Market Leadership and Expansion
The newly acquired funds will be used to solidify HALA’s market leadership within Saudi Arabia and expand its portfolio of embedded finance and lending products. The company also plans to use the investment to fuel its regional expansion, aiming to capture the rapidly growing MSME segment which remains a key driver of economic diversification across the Middle East.
About HALA
Founded by Esam Alnahdi and Maher Loubieh, HALA is a leading Saudi fintech company dedicated to providing embedded financial services to MSMEs and freelancers. Its platform offers a complete suite of tools to manage business finances seamlessly. In October 2024, HALA was selected to join the Saudi Unicorns Programme, recognizing its high-growth potential.
Source: Wamda
