Middle Eastern fintech company, HALA, secures $157M in its Series B funding round, one of the region's largest, with leadership from TPG and Sanabil Investments.
Saudi Arabia's fintech company, HALA, has secured a significant investment of $157 million in its Series B funding round. This round was led by The Rise Fund, a global impact investing strategy, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), a Saudi Arabian sovereign wealth fund.
Sanabil Investments sees this investment as a strong testimonial of the business that the HALA team has built. The investment underscores The Rise Fund's belief in the growth potential of the market and the critical role entrepreneurs play in shaping the next generation economy.
According to Esam Alnahdi, Co-founder and Chairman of HALA, this investment marks a turning point for the company, reflecting their pursuit of innovation and excellence in serving small businesses.
HALA's operating model is geared towards sustainable growth and plays a key role in supporting the Saudi Vision 2030 goal to significantly enhance the contribution of SMEs to GDP. The funds raised will be used to strengthen HALA's position in the Saudi market, offer more embedded financial services, and expand regionally.
HALA offers a comprehensive range of embedded financial services, including business accounts, card issuance, payment and transfer services, POS solutions, financing, and corporate cards. As of the current time, HALA serves over 142,000 businesses and processes more than $8 billion of annual transactions.
Maher Loubieh, Co-founder and Group CEO of HALA, expressed his gratitude for the continued trust and support of their existing investors and welcomed the new partners, including TPG's Rise Fund and Sanabil. The new investors bring valuable global expertise and perspective to HALA's growth and impact.
Yemi Lalude, Partner at TPG and Head of Europe, Middle East, and Africa for The Rise Funds, commented that HALA is uniquely positioned to empower micro and small businesses by delivering a broad and growing set of payment solutions.
The funding round also saw participation from QED, Raed Ventures, Impact 46, Middle East Venture Partners (MEVP), Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
Sanabil Investments' investment in HALA aligns with their mission to support visionary companies with patient capital and strategic guidance. According to a spokesperson for Sanabil Investments, they are excited to lead the Series B funding round for HALA, believing in the company's potential to reshape the future of financial services for SMEs.
This investment follows HALA's impressive year-on-year growth, validating the robustness and scalability of its operating model. With this new injection of funds, HALA is poised to continue its mission of empowering small businesses in the Saudi market and beyond.
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