HALA, a Saudi Arabia-based fintech company focused on embedded financial services for micro, small, and medium enterprises (MSMEs) and freelancers, has raised $157 million in a Series B funding round. The deal is one of the largest fintech Series B rounds in the Middle East and marks a major milestone for the region’s growing financial technology sector.
Investors
The round was co-led by The Rise Fund, TPG’s global impact investing platform, and Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund. Several regional and global venture capital firms also participated, including QED, Raed Ventures, Impact 46, MEVP, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
Use of Funds
HALA will deploy the capital to:
- Strengthen its market leadership in Saudi Arabia.
- Expand its lending and embedded finance offerings for MSMEs and freelancers.
- Accelerate regional growth across the Middle East.
Company Scale
HALA currently serves more than 142,000 businesses and processes over $8 billion in annual transactions. Its product portfolio includes business accounts, card issuance, payments, transfers, point-of-sale solutions, corporate cards, and lending services.
Strategic Context
The raise aligns with Saudi Arabia’s Vision 2030 strategy, which emphasises economic diversification and the growth of MSMEs as engines of employment and GDP expansion. HALA’s model addresses persistent gaps in access to financial services for smaller businesses and independent workers, offering tools that promote efficiency, formalisation, and credit access.
Industry reports place HALA’s post-Series B valuation at nearly $900 million, underscoring investor confidence in its growth potential and market position.
Implications
- For MSMEs and Freelancers: Greater access to financial tools, credit, and payment infrastructure.
- For the Fintech Sector: A strong signal of investor appetite for embedded finance models in MENA.
- For Regional Growth: A funding boost that positions HALA to expand services and set benchmarks for fintech innovation across the Middle East.
Conclusion
HALA’s $157 million Series B raise is a landmark transaction in the MENA fintech space. The funding not only reinforces the company’s role as a leading player in embedded finance but also reflects the region’s growing maturity as a hub for innovative financial technology. By focusing on MSMEs and freelancers, HALA is poised to play a central role in advancing inclusive finance and supporting the wider digital economy.
