HALA, a Saudi Arabian fintech providing embedded financial services for MSMEs, has raised US$157 million in Series B funding, one of the largest rounds of its kind in the Middle East fintech sector.
The round was co-led by The Rise Fund (TPG’s global impact strategy) and Sanabil Investments (a wholly owned entity of Saudi Arabia’s Public Investment Fund), with participation from QED, Raed Ventures, Impact 46, MEVP, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
Funds will strengthen HALA’s position in Saudi Arabia, expand embedded financial services and lending products for MSMEs and freelancers, and support regional growth.
The company currently serves more than 142,000 businesses and processes over US$8 billion annually through products spanning business accounts, cards, POS solutions, payments, and financing.
The SME sector is vital to Saudi Arabia’s economy, comprising 90–99% of private businesses, employing 4.7 million people, and contributing 20–35% of GDP (US$310–375 billion annually). Between 2016 and 2021, SME GDP contribution grew 45%, driven by government initiatives, financing, and digital adoption.
“This landmark investment is a turning point for HALA. It reflects our relentless pursuit of innovation and excellence in serving small businesses. Our journey is just beginning, and this support fuels our drive to create meaningful change.” ~ Esam Alnahdi, co-founder and chairman
