The Startup will now look to expand its tools in order to offer digital bank services to SMEs.
Saudi fintech, Hala (formerly Halalah), has raised $6.5 million Series A funding, led by Impact46 through its growth fund and with participation from Wamda and other undisclosed investors. The startup helps individuals and vendors handle their finances by providing them with a point-of-sale device, an IBAN, a Visa/Mada card and an app that allows them to instantly and simply keep track of their transactions.
"The fintech sector is continuously evolving. 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," said Impact46 Founder Abdulaziz Al-Omran. "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."
Already boasting more than $100 million in transactions through over 20,000 merchants, Hala's next step will see them pursue the line of becoming a digital bank for SMEs and will expand its financial and non-financial tools accordingly.