Saudi Arabia’s fintech leader HALA has raised $157 million in Series B funding, marking one of the largest fintech Series B rounds in the Middle East. The investment highlights growing confidence in the Kingdom’s SME-focused digital finance ecosystem and HALA’s role in driving it.
The round was co-led by The Rise Fund, TPG’s global impact investing strategy, and Sanabil Investments, a wholly owned subsidiary of the Public Investment Fund (PIF).
Other participants included QED, Raed Ventures, Impact 46, MEVP, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.
With fresh capital, HALA will double down on its Saudi market leadership, expand its embedded financial services, and roll out new lending products tailored for MSMEs and freelancers.
The company also plans to accelerate its regional expansion, aligning closely with Saudi Vision 2030 and its goal of boosting SME contribution to national GDP.
HALA already serves over 142,000 businesses and processes more than $8 billion in annual transactions. Its comprehensive offering includes business accounts, card issuance, payments and transfers, POS solutions, corporate cards, and financing, creating a one-stop platform for SME financial needs.
SMEs: The Growth Engine of Saudi Arabia
Saudi Arabia’s SME sector is vast and dynamic, comprising between 614,000 and 1.8 million enterprises. SMEs account for 90–99% of private businesses, employ around 4.7 million people, and contribute an estimated $310–375 billion annually to GDP.
From 2016 to 2021, SME GDP contribution surged 45%, fueled by government reforms, financing support, and rapid digital transformation — a shift that has created fertile ground for fintechs like HALA.
“This landmark investment is a turning point for HALA, reflecting our relentless pursuit of innovation and excellence in serving small businesses,” said Esam Alnahdi, Co-founder and Chairman.
Maher Loubieh, Co-founder and Group CEO, added: “We are proud to welcome TPG’s Rise Fund and Sanabil as partners. Their expertise and perspective will elevate our ambitions as we scale HALA with even greater impact.”
Yemi Lalude, Partner at TPG and Head of EMEA for The Rise Funds, said: “HALA is uniquely positioned to empower micro and small businesses, a key pillar in the region’s economy. Our investment underscores the rising demand for robust digital banking solutions and the critical role entrepreneurs play in shaping the next-generation economy.”
A spokesperson for Sanabil Investments noted: “HALA has the potential to reshape the future of financial services for SMEs. This investment aligns with Sanabil’s mission to support visionary companies with patient capital and strategic guidance.”
