Saudi Arabia’s Hala raises USD 6.5 million Series A to become digital bank for SMEs

Riyadh-based fintech Hala (previously known as Halalah) has raised USD 6.5 million in a Series A round led by Impact46, which invested through their growth fund. The round also included participation of Wamda and other investors.

Founded in 2018 by Esam Alnahdi and Maher Loubieh, Hala started as one of the first mobile wallets in Saudi Arabia, enabling individuals to make digital payments in various contexts, including peer-to-peer payments, and to offline merchants that are part of its network through QR codes.

Read more: KrASIA