ⓘ Featured image: Esam Al-Nahdi, founder & CEO of Hala
Saudi Arabia-based fintech startup Hala, recently announced that the startup has raised a Series A round of $6.5 million from Impact 46 Growth Fund and Wamda, with participation from some strategic investors.
Founded in 2018, Hala (formerly known as Halalah) offers a complete payment and wallet solution for both individuals and merchants. The startup’s goal is to become the future bank for small to medium-sized enterprises (SMEs). Hala is one of the first fintech startups to obtain the full SAMA licence and now plans to expand its offering regionally.
The company offers merchants a point-of-sale (POS) device, Visa or Mada card, an IBAN and simple app to give them instant visibility on their transactions as well as enabling them to conduct multiple financial transactions including settling vendor and supplier payments.
Speaking of the development, Maher Loubieh, Chief Strategy Officer at Hala, in a statement said,
“We have been focusing on both individuals and businesses at the beginning. Recently, we’ve made a major pivot by focusing our efforts and services on SMEs, providing them with a consolidated comprehensive payment infrastructure that will allow them to accept payments digitally from any type of card. Ultimately, our vision is to become the future Bank of SMEs in the region,”
“Our priority now is to keep on growing, innovating in the Saudi market and increasing our market share,”
Daniel Dos Reis, investment director at Wamda, said,
“Hala stands out as one of the first regulated fintech companies in Saudi Arabia, building modern banking services for consumers and merchants, and helping thousands of small businesses stay on top of their finances. We strongly believe in the team and their ability to make everyday business easier in respect to banking, accounting, and financial management,”
Abdulaziz Al-Omran, founder of Impact46, said,
“The fintech sector is continuously evolving. Hala, one of the first fintech solutions licensed by the Saudi Central Bank, has played a vital role in promoting the growth of this industry in the region. With the digitisation of financial solutions, Hala is taking part in facilitating B2C financial transactions, the platform also continues to take advantage of the promising opportunities in this sector, to achieve rapid growth on a larger scale,”