Riyadh - Sharikat Mubasher: HALA, Saudi Arabia’s leading provider of embedded financial services to micro, small, and medium enterprises (MSMEs), raised $157 million in a series B funding round, led by The Rise Fund, TPG’s multi-sector global impact investing strategy, and Sanabil Investments.
The round, which is considered one of the largest fintech series B rounds in the region, saw participation from several investors, including QED, Raed Ventures, Impact 46, Middle East Venture Partners (MEVP), Isometry Capital, and others, the company announced in a press release today.
This fresh capital will enable HALA to strengthen its position in the Saudi market, expand regionally, and deliver more embedded financial services and lending products to support the growth of MSMEs and freelancers.
Commenting on this milestone, Esam Alnahdi, Co-founder and Chairman of HALA, stated: “This landmark investment is a turning point for HALA, reflecting our relentless pursuit of innovation and excellence in serving small businesses. We are honored that our new investors recognize the potential of our vision and the impact we aspire to make in the MSME landscape."
“As we look at the next phase of our growth, we believe that our diverse group of prominent investors brings valuable global expertise and perspective, which will elevate our ambitions to execute with even greater scale and impact,” said Maher Loubieh, Co-founder and Group CEO at HALA.
Meanwhile, Yemi Lalude, Partner at TPG and Head of Europe, Middle East, and Africa for The Rise Funds, said: “We are excited to support the HALA team in building a clear leader in this underserved segment. Our investment underscores our belief in the growth potential of this market, the rising demand for robust digital banking solutions, and the critical role entrepreneurs play in shaping the next-generation economy.”
HALA currently serves over 142,000 businesses and processes more than $8 billion of annual transactions. It offers comprehensive embedded financial services, ranging from business accounts, card issuance, payment and transfer services, and POS solutions to financing and corporate cards.