Saudi Arabian fintech powerhouse Hala has raised a staggering $157 million in Series B funding, a sum the company called “one of the largest” fintech Series B investment rounds in the Middle East.

A Financial Arsenal for Small Businesses

Hala, already a lifeline for micro, small and medium-sized enterprises (MSMEs), offers a broad suite of embedded financial services—from business accounts and corporate cards to point-of-sale solutions, payments, transfers, and financing. The firm serves more than 142,000 businesses and processes over $8 billion in annual transactions, positioning itself as a rising force in the region’s digital economy.

“This landmark investment is a turning point for Hala,” said Esam Alnahdi, chairman and co-founder, in Monday’s announcement. “It reflects our relentless pursuit of innovation and our mission to uplift small businesses. With this backing, our journey is only beginning.”

Heavyweight Investors Join the Ride

The funding round was spearheaded by The Rise Fund, the global impact investment strategy of private equity titan TPG, along with Sanabil Investments, owned by Saudi Arabia’s Public Investment Fund.

“Hala is uniquely positioned to empower micro and small businesses—a backbone of the regional economy,” said Yemi Lalude, partner at TPG and head of EMEA for The Rise Fund. “This investment demonstrates our confidence in the soaring demand for digital banking solutions and the pivotal role entrepreneurs play in job creation and economic expansion.”

Backing also came from an elite group of investors including QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.

Fueling Growth and Expansion

With fresh capital in hand, Hala plans to accelerate its dominance in the Saudi market, expand its suite of embedded financial services, and stretch its regional footprint across the Middle East.

A spokesperson from Sanabil Investments said, “This investment underscores our belief in Hala’s ability to reshape the future of SME financial services. We look forward to supporting their continued growth and success.”

Legal counsel details for Hala’s advisors were not disclosed Monday.