HALA Secures $157 Million Series B to Fuel Regional Fintech Expansion
HALA, a leading fintech powerhouse based in Saudi Arabia, has successfully closed a monumental $157 million Series B funding round. This significant capital injection not only marks a pivotal moment for the company but also represents the largest Series B funding round ever for a fintech firm in the Middle East. As a crucial provider of embedded financial services to micro, small, and medium enterprises (MSMEs), HALA is now strategically positioned to accelerate its growth and expand its innovative offerings across the region. This investment underscores the increasing confidence in the Middle East’s burgeoning fintech sector and its capacity to empower vital economic segments.
Landmark Investment Fuels Innovation and MSME Support
The substantial Series B funding round saw participation from a diverse and influential group of investors. Leading the charge were The Rise Fund, TPG’s esteemed multi-sector global impact investing strategy, and Sanabil Investments, a wholly-owned entity of Saudi Arabia’s Public Investment Fund (PIF). Their leadership signals strong belief in HALA’s vision and its potential for broad impact. Additional key investors included 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. Esam Alnahdi, Co-founder and Chairman of HALA, emphasized the profound significance of this achievement, stating, “This landmark investment is a turning point for HALA, reflecting on 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.” This capital will be instrumental in enhancing HALA’s technology stack, expanding its service portfolio, and establishing a stronger presence in new regional markets.
This substantial funding round is set to empower HALA to further solidify its position as a key enabler for MSMEs in Saudi Arabia and beyond. By expanding its embedded financial services, HALA aims to address the critical financial needs of small businesses, fostering economic growth and stability across the Middle East. The investment is not just a testament to HALA’s current success but a clear indicator of its future potential to transform the regional fintech ecosystem.
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