Riyadh-based fintech HALA Payments, founded by Esam Alnahdi and Maher Loubieh in 2018, has been inducted into the esteemed Saudi Unicorns Programme. As a trailblazer in SME banking, HALA’s mission is to empower micro, small, and medium enterprises (MSMEs) and freelancers, enabling them to start, operate, and grow their businesses seamlessly. The company has facilitated over $7 billion in transactions, serving more than 110,000 merchants across the Kingdom. This remarkable growth positions HALA well for the Saudi Unicorns Programme, as the company aims for a potential IPO while enhancing Saudi Arabia’s fintech leadership on the global stage.
The Saudi Unicorns Programme, managed by the Ministry of Communications and Information Technology in collaboration with the Mohammed bin Salman Foundation ‘Misk’, supports Saudi Vision 2030 by promoting innovation, economic diversification, and digital transformation. The program provides companies with opportunities to expand into new markets, attract and develop talent, access investors and large corporations, and connect with a network of global experts in the field.
HALA’s inclusion in the programme signifies a pivotal business milestone and a commitment to national goals. The fintech will receive comprehensive support in talent development, market expansion, and global networking, driving its mission to shape the future of SME banking.
Empowering MSMEs to Drive Economic Growth
With a robust mission to enable SMEs, freelancers, and entrepreneurs, HALA focuses on delivering an innovative, digital-first banking experience. As one of the first fintechs regulated by the Saudi Central Bank as an Electronic Money Institution (EMI), HALA offers a comprehensive suite of financial services, including bank accounts, payment cards, Point of Sale (POS) solutions, and lending. This extensive product portfolio caters to the evolving needs of the SME sector, a crucial pillar in achieving Saudi Vision 2030’s objectives of job creation and economic empowerment.
HALA’s Journey: From Digital Wallet to SME Banking Pioneer
HALA began its journey in 2018 as one of Saudi Arabia’s first mobile wallets, designed to facilitate digital payments via QR codes. However, recognizing an underserved market segment, the company pivoted in 2020 to focus on financial services for MSMEs—an essential yet overlooked group in Saudi Arabia and other frontier markets. This strategic shift laid the groundwork for HALA’s rapid growth, attracting interest from prominent local and international investors.
Commitment to Saudi Vision 2030 and Global Expansion
Commenting on the company’s induction into the Saudi Unicorns Programme, Co-Founder and Chairman Esam Alnahdi stated, “HALA’s inclusion in this prestigious programme reflects our deep commitment to Saudi Vision 2030. As we pursue global expansion, we are not only scaling our business but also contributing to Saudi Arabia’s leadership in fintech innovation. Our mission aligns with the Kingdom’s goals of economic diversification and digital transformation, and we are excited to expand our impact across the MENA region and beyond.”
Through the Saudi Unicorns Programme, HALA will benefit from opportunities to attract top talent, access new markets, and forge strategic partnerships with government entities and global leaders in fintech. These advantages will accelerate HALA’s growth and enhance its ability to deliver tailored financial solutions to MSMEs.
Innovating for the Future: HALA’s Roadmap
HALA’s innovative approach includes lending products that provide MSMEs with flexible financing options by connecting them with a diverse group of investors. This product aligns with HALA’s broader goal of fostering financial inclusion and addressing the challenges faced by small businesses in frontier markets. Co-Founder and CEO Maher Loubieh explained, “We are continuously innovating to meet the changing needs of SMEs and freelancers. Our focus is to build a comprehensive financial platform that simplifies banking while providing the tools and resources these businesses need to thrive in today’s digital economy. Our inclusion in the Saudi Unicorns Programme will further accelerate our efforts to innovate and expand our digital financial solutions to the region and beyond.”
As HALA sets its sights on global expansion, the fintech aims to extend its SME banking solutions to frontier markets across the MENA region. With the support of the Saudi Unicorns Programme and its alignment with Saudi Vision 2030, HALA is on track to become a key player in the region’s fintech ecosystem, revolutionizing how small businesses access financial services.
