Middle Eastern fintech company, HALA, secures $157M in one of the region's biggest Series B fundraisers, spearheaded by TPG and Sanabil Investments.
HALA, a visionary Saudi Arabian fintech company, has announced the successful completion of a Series B funding round, securing a significant investment of $157 million. The round was led by The Rise Fund, TPG's multi-sector global impact investing strategy, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF).
This investment aligns with Sanabil's mission to support visionary companies with patient capital and strategic guidance. The prominent investors involved in HALA's financing include 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.
HALA offers a comprehensive embedded financial services offering, including business accounts, card issuance, payment and transfer services, POS solutions, financing, and corporate cards. The funds raised will be used to strengthen HALA's position in the Saudi market, offer more embedded financial services, and expand regionally.
The investment round is a significant turning point for HALA, according to Esam Alnahdi, Co-founder and Chairman of HALA. He expressed that this reflects their pursuit of innovation and excellence in serving small businesses. The company currently serves over 142,000 businesses and processes more than $8 billion of annual transactions.
Yemi Lalude, Partner at TPG and Head of Europe, Middle East, and Africa for The Rise Funds, stated that HALA is uniquely positioned to empower micro and small businesses by delivering a broad set of payment solutions. The Rise Fund is excited to support the HALA team in building a clear leader in the underserved segment of digital banking solutions.
Maher Loubieh, Co-founder and Group CEO of HALA, expressed gratitude towards existing investors for their trust and support, and welcomed new partners TPG's Rise Fund and Sanabil Investments. He also mentioned that the funds will be used to develop lending products catered to support the growth of MSMEs and freelancers.
The funding round is one of the largest fintech Series B funding rounds in the Middle East. Sanabil looks forward to partnering with HALA and the other investors in supporting their continued success and expansion. The Rise Fund, too, is excited about the prospect of working together to reshape the future of financial services for Small and Medium Enterprises (SMEs).
HALA's year-on-year growth validates the robustness and scalability of its operating model. The company believes that this investment will further fuel its growth and help it play a key role in supporting the Saudi Vision 2030 goal to significantly enhance the contribution of SMEs to GDP.
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