NEO Ventures, SC Ventures and LuLu Financial Services have launched HAL, a digital business-to-business marketplace designed to bring financial, technology and logistics services together for small and medium-sized enterprises in the UAE.
Established as a joint venture between the three organisations, HAL aims to reduce the complexity SMEs face when managing services across multiple providers. The platform is intended to connect businesses with solutions covering banking, financing, digital tools and logistics through a single marketplace.
Mashreq will serve as HAL’s banking partner, providing business banking, digital financing and open banking capabilities. According to the announcement, these services will be integrated into business transactions and operational workflows, allowing SMEs to access financial solutions alongside their day-to-day activities.
The platform’s ecosystem also includes Microsoft, Visa, Aramex and Beehive. The partners bring capabilities spanning technology, digital payments, logistics and technology-enabled financing.
The companies have not disclosed the joint venture’s ownership structure, initial investment or financial commitments. They also did not provide targets for customer acquisition, transaction volumes or expansion beyond the UAE.
HAL’s initial focus is to develop an integrated digital environment that helps UAE SMEs access and manage essential business services through connected workflows.
Source: Arab Founders
