Hala, a Riyadh-based company supported by TPG, Sanabil, and international venture capitalists, aims to strengthen its Saudi market presence and expand regionally by offering new loan and financial services.

In order to further expand its range of banking services aimed at micro, small, and medium-sized businesses (MSMEs) and independent contractors, Saudi fintech Hala has raised $157 million in a Series B funding round. TPG co-led the investment alongside Sanabil Investments, a branch of the kingdom's Public Investment Fund.

Along with Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, Wamda Capital, and Impact 46—which led Hala's $6.5 million Series A in March 2021—QED Investors and Raed Ventures also took part in the round.

According to Bloomberg, Hala is valued at over $900 million as a result of its most recent capital infusion. The fintech company characterizes the fundraising as one of the biggest fintech Series B funding rounds in the Middle East.

According to the firm, the additional funds will be utilized to expand Hala's regional reach and bolster its position in the Saudi market by providing more integrated financial services and loan solutions designed to assist the expansion of freelancers and MSMEs.

Hala was established in 2017 by group CEO Maher Loubieh and Chairman Esam Alnahdi. Today, the company offers business bank accounts, card issuance, payment and transfer services, and point-of-sale (POS) systems for retailers as part of its embedded financial services offering. Over 142,000 firms are presently served by the organization, which handles over $8 billion in transactions yearly.

The Riyadh-based fintech has earlier strengthened its technological capabilities by hiring former Revolut executive Saleem Arshad as CTO in 2023 and expanded its footprint in the neighboring UAE market by purchasing payments start-up Paymennt.com.