Saudi Arabia-based fintech Hala has raised $157 million in a Series B funding round led by TPG’s Rise Fund and Sanabil Investments. The company is now valued at about $900 million.
Hala serves more than 142,000 small and medium enterprises (SMEs) across the Gulf region and processes over $8 billion in annual transactions. It offers embedded financial services such as payment solutions, point-of-sale systems, business accounts, corporate cards and lending.
The funding round consists of $130 million in equity and $27 million in debt.
Hala plans to use the capital to deepen its presence in Saudi Arabia, expand its lending and financing product lines, support freelancers and MSMEs, and scale into new regional markets. The firm has also signalled interest in exploring entry into the UK and Europe.
Investors in the round include QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
Hala holds an electronic money institute licence from the Saudi Central Bank. The fintech is preparing for its eventual IPO, with Saudi Arabia expected to be its listing venue.
