HALA raises $157 million to empower Saudi micro businesses

Saudi Arabia faces challenges in diversifying its economy beyond oil and gas, which has been a major focus of its Vision 2030 strategy. The country has identified small and medium-sized enterprises (SMEs) as critical contributors to its economic growth, with around 1.8 million SMEs collectively accounting for approximately 30% of the national GDP. Despite their potential, these micro businesses often struggle due to a lack of funding and suitable financial products. Addressing this gap, HALA, a fintech company founded by Maher Loubieh and Esam Alnahdi, recently secured $157 million in Series B financing to bolster its offerings for SMEs. This funding round is notable as it represents one of the largest ventures in the Saudi fintech sector, showcasing the increasing investor interest in supporting small businesses. HALA began its journey by providing point-of-sale terminals and has expanded to cater to various digital service needs for SMEs and freelance workers in Saudi Arabia. The company's growth trajectory includes serving approximately 140,000 SMEs and adding thousands more monthly, leading to the expectation of strong sales growth and profitability in the coming years. This progress is supported by partnerships with local and global investors, highlighting HALA's role as a crucial player in the financial inclusion of small businesses, pivotal to the Saudi economy.