• Saudi Arabia-based fintech HALA has raised $157 million in a Series B round, led by The Rise Fund (TPG) and Sanabil Investments, with participation from QED, Raed Ventures, Impact 46, MEVP, and other regional and global investors.
• Founded in 2018 by Esam Alnahdi and Maher Loubieh, HALA offers SME banking and freelancer solutions, enabling them to start, run, and grow their businesses seamlessly.
• HALA, a Wamda Capital portfolio company, serves over 142,000 MSMEs and processes $8B+ in annual transactions, offering embedded financial services including business accounts, payments, POS solutions, corporate cards, and lending products. Its platform is aligned with Vision 2030’s SME growth goals and has scaled rapidly across the Kingdom.
• The funding will strengthen HALA’s market leadership in Saudi Arabia, expand its lending and embedded finance offerings, and support regional expansion. The company aims to capture the fast-growing MSME segment, which contributes 20–35% of GDP and remains a key driver of economic diversification.
• Last October, HALA joined the Saudi Unicorns Programme. 

Press release:

HALA, Saudi Arabia’s leading fintech and provider of embedded financial services to micro, small and medium enterprises, has raised $157 million in a Series B investment round — officially one of the largest fintech Series B funding rounds in the Middle East.

The funding round is 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), with participation from 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. These funds will be utilised to strengthen HALA’s position in the Saudi market and offer more embedded financial services and lending products catered to support the growth of MSMES and Freelancers as well as to expand HALA’s presence regionally.

This investment follows on from HALA’s impressive year-on-year growth that validates the robustness and scalability of its operating model, which is geared toward sustainable growth as well as playing a key role in its home market in supporting the Saudi Vision 2030 goal to significantly enhance the contribution of SMEs to GDP.

HALA offers a comprehensive embedded financial services offering, ranging from business accounts, card issuance, payment and transfer services, and POS solutions to financing and corporate cards. The company currently serves over 142,000 businesses and processes more than $8 billion of annual transactions.

The SME sector in Saudi Arabia presents a significant market opportunity for HALA, given the sector's vital role in the economy. With approximately 614,000 to 1.8 million SMEs, which account for about 90–99% of private sector businesses, the growth potential for digital payment solutions is substantial. These SMEs contribute an estimated 20–35% of the Kingdom's GDP, roughly $310–375 billion USD annually, and employ around 4.7 million people across key sectors like retail, manufacturing, and construction. The sector has experienced a 45% increase in GDP contribution from 2016 to 2021, driven by government initiatives, digital transformation efforts, and increased financing support, creating a fertile environment for innovative payment services.

Esam Alnahdi Co-founder and Chairman, HALA stated, “This landmark investment is a turning point for HALA, reflecting on our relentless pursuit of innovation and excellence in serving small businesses. We are honoured that our new investors recognise the potential of our vision and the impact we aspire to make in the MSME landscape. Our journey is just beginning, and this support fuels our drive to create meaningful change.”

Maher Loubieh, Co-founder and Group CEO, HALA continued, "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 for The Rise Funds, commented, “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 also by creating jobs, expanding access, and delivering meaningful social impact.”

A spokesperson for Sanabil Investments added, “We are excited to lead this landmark Series B funding round for HALA. This investment underscores our belief in HALA’s potential to reshape the future of financial services for SMEs and aligns with Sanabil’s mission to support visionary companies with patient capital and strategic guidance. We look forward to partnering with HALA and the other investors in supporting their continued success and expansion.”