Established in 2018 by Esam Alnahdi and Maher Loubieh, the fintech company HALA Payments, based in Riyadh, has been accepted into the esteemed Saudi Unicorns Program. HALA, a leader in SME banking, helps freelancers and micro, small, and medium-sized businesses (MSMEs) launch, manage, and expand their businesses with ease. HALA has already helped more than 110,000 merchants throughout the Kingdom and facilitated more than $7 billion in transactions. Due to its rapid expansion, HALA is well-positioned for the Saudi Unicorns Program as it looks to go public and support Saudi Arabia’s fintech leadership internationally.
Saudi Vision 2030 is supported by the Saudi Unicorns Program, which is administered by the Ministry of Communications and Information Technology in partnership with the Mohammed bin Salman Foundation ‘Misk’. It promotes innovation, economic diversification, and digital transformation. The program’s objectives include giving businesses the chance to enter new markets, attracting and developing human resources and building the requisite skills, giving them access to investors and big businesses, and connecting them with a global network of subject-matter experts.
In addition to marking a significant business achievement, HALA’s participation in the program shows its dedication to these national objectives. The fintech’s mission to influence the direction of SME banking will be fuelled by extensive support in the areas of global networking, market expansion, and talent development.
HALA is committed to offering a cutting-edge, digital-first banking experience, with a strong mission to empower SMEs, independent contractors, and entrepreneurs. HALA provides a wide range of financial services, including bank accounts, payment cards, Point of Sale (POS) solutions, and lending. It was also one of the first fintechs to be regulated by the Saudi Central Bank as an EMI Financial Institution. This broad range of products is intended to meet the changing demands of the SME sector, which is a crucial pillar in accomplishing the objectives of Saudi Vision 2030, which include economic empowerment and job creation.
HALA started out as one of the first mobile wallets in Saudi Arabia in 2018, with the purpose of facilitating digital payments through QR codes. However, the business changed its focus in 2020 to concentrate on financial services for MSMEs, a vital but underserved group in Saudi Arabia and other frontier markets, after realizing that there was an underserved market segment. The foundation for HALA’s quick expansion was created by this change, which attracted interest from numerous prominent domestic and foreign investors.
Speaking on the company’s induction into the Saudi Unicorns Programme, Co-Founder and Chairman Esam Alnahdi said: “HALA’s inclusion in this prestigious programme reflects our deep commitment to Saudi Vision 2030. As we continue our global expansion, we are not only scaling our business but also contributing to Saudi Arabia’s position as a leader in fintech innovation. Our mission aligns with the Kingdom’s goals of economic diversification and digital transformation, and we are excited to expand our impact across the MENA region and beyond.”
HALA will gain access to new markets, recruit top talent, and form strategic alliances with international fintech leaders and government agencies through the Saudi Unicorns Program. These benefits will hasten HALA’s expansion and improve its capacity to provide MSMEs with specialized financial solutions.
By putting MSMEs in touch with a wide range of investors, HALA’s creative lending products give them flexible financing options. HALA’s overarching objective of promoting financial inclusion and overcoming obstacles faced by small enterprises in frontier markets is directly addressed by this product.
