KSA-based Fintech Hala (previously Halalah), has closed its $6.5M (24.3M SAR) Series A funding round, from the Impact 46 Growth Fund, Wamda, and strategic investors.
Hala, which has obtained the full SAMA license, offers a complete payment and wallet solution for both individuals and merchants.
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Hala offers merchants a package of a POS device, a Visa/Mada card, an IBAN, and a simple app that gives them instant visibility on their transactions. It allows them to conduct multiple financial transactions including settling vendor and supplier payments as well as conducting in-bound and outbound transfers from and to bank accounts.
With the recent introduction of the platform's new brand name, Hala is redefining its strategy aiming to cover new means of financial service as well as to expand its offering regionally.
Added Abdulaziz Al-Omran, Founder of Impact46 commented, “The Fintech sector is continuously evolving. Hala, one of the first fintech solutions licensed by the Saudi Central Bank, has played a vital role in promoting the growth of this industry in the region. With the digitization of financial solutions, Hala is taking part in facilitating B2C financial transactions, the platform also continues to take advantage of the promising opportunities in this sector, to achieve rapid growth on a larger scale.
“The round was led by Impact46 Growth Fund and is considered the second investment of the fund and first Fintech platform to join its portfolio. As the fund focuses on supporting later-stage startups, it's managed by an experienced investment team who has witnessed the entrepreneurial revolution in Saudi from its beginnings, and today they are contributing to building the ecosystem in the Kingdom. Impact46 Growth Fund is set to capitalize on investing in emerging technology startups across sectors with a higher focus on companies targeting the Saudi market. ”
Daniel Dos Reis, Investment Director at Wamda said, “Hala stands out as one of the first regulated fintech companies in Saudi Arabia, building modern banking services for consumers and merchants, and helping thousands of small businesses stay on top of their finances. We strongly believe in the team and their ability to make everyday business easier in respect to banking, accounting, and financial management.”
In 2020, Hala acquired an undisclosed local company that provides value-added services for merchants including cashier systems, inventory management tools, accounting, and tax reporting, and as well as supplier management platform, among others.
The startup aspires to be the future bank of SMEs.
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