Riyadh - Mubasher: Saudi fintech HALA secured $157 million in a Series B funding round led by The Rise Fund, TPG’s global impact investing strategy, and Sanabil Investments, a Public Investment Fund (PIF) company, according to a press release.
The round also saw participation from QED, Raed Ventures, Impact 46, MEVP, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
The funds will strengthen HALA’s position in the Saudi market, expand its regional footprint, and grow its embedded financial and lending services for MSMEs and freelancers, according to a press release.
Founded in 2018, HALA provides business accounts, cards, payments, transfers, POS solutions, and financing, serving over 142,000 businesses and processing more than $8 billion annually.
The Kingdom’s SME sector makes up 90%–99% of private businesses, contributes $310–$375 billion to GDP, and employs 4.70 million people.
With 614,000 to 1.80 million firms, the sector’s GDP contribution surged by 45% from 2016 to 2021, creating strong growth potential for digital payment and financial services.
Maher Loubieh, Co-Founder and Group CEO of HALA, said: "As we look at the next phase of our growth, we believe that our diverse group of prominent investors bring valuable global expertise and perspective, which will elevate our ambitions to execute with even greater scale and impact.”
