KSA-based fintech Hala just closed its $6.5 million Series A funding round, from the Impact 46 Growth Fund, Wamda, and other strategic investors. After rebranding from their previous name Halalah, Hala is redefining its strategy aiming to cover new means of financial service as well as to expand its offering regionally.
“The fintech sector is continuously evolving,” says Abdulaziz Al-Omran, founder of Impact46. “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.
Hala offers a complete payment and wallet solution for both individuals and merchants. It 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.
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.
“Hala stands out as one of the first regulated fintech companies in Saudi Arabia,” Wamda’s Investment Director Daniel Dos Reis. “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.”
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