Hala closes $6.5M Series A funding round

KSA: 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.

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.

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.