Saudi Arabian fintech HALA has raised $157 million in a Series B funding round that saw investment from multiple capital firms, one of the highest funding rounds in the Middle East region, as per an official press release.
The update comes a month after leading spend management platform Alaan raised $48 million in a Series A funding round, funds which they’ve marked for an expansion into Saudi Arabia.
Funding round for HALA led by The Rise Fund and Sanabil Investments
Multiple companies and capital firms took part in the funding round, such as QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Wamda Capital, and others. The funding round was led by The Rise Fund and Sanabil Investments.
According to the company’s official website, the fintech company offers payment services, credit cards, account management services, and other integrations that help to make banking and payments easier for merchants and customers.
“This landmark investment is a turning point for HALA, reflecting on our relentless pursuit of innovation and excellence in serving small businesses. We are honored that our new investors recognize 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,” said Chairman and co-founder Esam Alnahdi