TPG, Sanabil lead $157M fundraise for Saudi fintech HALA

Logo of HALA Holding 

Saudi Arabia’s fintech HALA Holding has raised $157 million in a Series B investment round.

In a statement, the company said these funds will be utilized to strengthen HALA’s position in the Saudi market and offer more embedded financial services, lending products catered to support the growth of micro, small and medium-sized enterprises (MSMES) and freelancers as well as to expand Hala’s presence regionally.

HALA offers a comprehensive embedded financial services offering, ranging from business accounts, card issuance, payment and transfer services, and POS solutions to financing and corporate cards. The company currently serves over 140,000 businesses and processes more than $8 billion of annual transactions.

The funding round is led by The Rise Fund, TPG’s multi-sector global impact investing strategy, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), with participation from QED, Raed Ventures, Impact 46, Middle East Venture Partners (MEVP), Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.

Esam Alnahdi, HALA's Co-founder and Chairman, stated, “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.”

Maher Loubieh, HALA's Co-founder and Group CEO, said, "We are honored by the continued trust and support of our existing investors – distinguished local and regional business leaders and funds – whose contributions have been instrumental to HALA’s journey so far. At the same time, we are proud to welcome all our new partners, including TPG's Rise Fund and Sanabil, who, by joining our journey, gave a strong testimonial of the business that the team has built. As we look at the next phase of our growth, we believe that our diverse group of prominent investors bring valuable global expertise and perspective which will elevate our ambitions to execute with even greater scale and impact.”

Yemi Lalude, Partner at TPG and Head of Europe, Middle East and Africa for The Rise Funds, commented, “HALA is uniquely positioned to empower micro and small businesses, a key pillar in the region’s economy, by delivering business owners and their customers a broad and growing set of payment solutions. We are excited to support the HALA team in building a clear leader in this underserved segment. Our investment underscores our belief in the growth potential of this market, the rising demand for robust digital banking solutions, and the critical role entrepreneurs play in shaping the next generation economy, not just though innovation but by creating jobs, expanding access, and delivering meaningful social impact.”

A spokesperson for Sanabil Investments said, “We are excited to lead this landmark Series B funding round for HALA. This investment underscores our belief in HALA’s potential to reshape the future of financial services for SMEs and aligns with Sanabil’s mission to support visionary companies with patient capital and strategic guidance. We look forward to partnering with HALA and the other investors in supporting their continued success and expansion.”