HALA secures $157m Series B to expand FinTech solutions

By Vriti Gothi

HALA, a FinTech platform focused on embedded financial services for micro, small, and medium-sized enterprises (MSMEs), has raised $157 million Series B funding round, one of the largest of its kind in the Middle East.

The round was co-led by The Rise Fund, TPG’s multi-sector global impact investing strategy, and Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF). They were joined by a distinguished consortium of regional and global investors, including QED, Raed Ventures, Impact 46, Middle East Venture Partners (MEVP), Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavour Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.

The capital infusion will enable HALA to deepen its leadership in the Saudi market, expand its portfolio of embedded financial services, and introduce new lending solutions tailored to MSMEs and freelancers. It will also fuel the company’s regional expansion, aligning with the Kingdom’s Vision 2030 agenda to strengthen SME contributions to GDP and accelerate digital transformation across the financial ecosystem.

HALA currently serves over 142,000 businesses, facilitating more than $8 billion in annual transactions through an integrated suite of financial solutions. Its offerings include business accounts, card issuance, digital payments, transfers, point-of-sale (POS) systems, financing, and corporate cards designed to empower business owners with seamless access to modern financial infrastructure.

The SME sector in Saudi Arabia represents a cornerstone of economic growth. With between 614,000 and 1.8 million SMEs accounting for up to 99% of private sector businesses, the segment contributes an estimated 20–35% of GDP (equivalent to $310–375 billion USD annually) and employs nearly 4.7 million people. Enhanced by government initiatives, digitalisation, and financing support, the sector’s GDP contribution has surged by 45% from 2016 to 2021, creating a fertile environment for FinTech innovation and sustainable growth.

Maher Loubieh, Co-founder and Group CEO of HALA, said, “We are honoured by the continued trust and support of our existing investors, distinguished local and regional business leaders and funds whose contributions have been instrumental to HALA’s journey so far. At the same time, we are proud to welcome all our new partners, including TPG’s Rise Fund and Sanabil, who, by joining our journey, gave a strong testimonial of the business that the team has built. 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.”

Yemi Lalude, Partner at TPG and Head of Europe, Middle East and Africa, The Rise Fund, said, “HALA is uniquely positioned to empower micro and small businesses, a key pillar in the region’s economy, by delivering business owners and their customers a broad and growing set of payment solutions. 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, not just through innovation but by creating jobs, expanding access, and delivering meaningful social impact.”