Riyadh, Saudi Arabia – HALA Payments, a fintech leader in SME banking, has been inducted into the prestigious Saudi Unicorns Programme. Founded in 2018 by Esam Alnahdi and Maher Loubieh, HALA is on a mission to empower micro, small, and medium enterprises (MSMEs) and freelancers, enabling them to start, manage, and grow their businesses seamlessly. With over $7 billion in facilitated transactions and a merchant base exceeding 110,000 across the Kingdom, HALA’s remarkable growth positions it as a prime candidate for the Saudi Unicorns Programme, as it prepares for a potential IPO and aims to contribute to Saudi Arabia’s global fintech leadership.
The Saudi Unicorns Programme: A Pillar of Saudi Vision 2030
The Saudi Unicorns Programme, spearheaded by the Ministry of Communications and Information Technology in collaboration with the Mohammed bin Salman Foundation (Misk), is a key initiative supporting Saudi Vision 2030. Its goals include fostering innovation, driving economic diversification, and accelerating digital transformation across the Kingdom. The programme offers companies the chance to expand into new markets, attract and develop talent, access investment opportunities, and connect with a global network of experts.
HALA’s inclusion in this elite programme signifies a significant milestone not only for the company but for Saudi Arabia’s fintech sector. As part of the programme, HALA will receive comprehensive support in areas such as talent development, market expansion, and global networking, further advancing its mission to reshape SME banking.
Empowering MSMEs to Drive Economic Growth
As one of the first fintechs to be regulated by the Saudi Central Bank as an Electronic Money Institution (EMI), HALA has cemented its position as a trailblazer in providing financial services to MSMEs. Offering a diverse range of solutions—including bank accounts, payment cards, Point of Sale (POS) systems, and lending services—HALA’s digital-first approach is designed to meet the evolving needs of small businesses, a vital sector for job creation and economic empowerment under Saudi Vision 2030.
From Digital Wallet to SME Banking Leader
HALA’s journey began in 2018 as one of Saudi Arabia’s first mobile wallets, facilitating digital payments via QR codes. In 2020, the company pivoted to focus on the underserved MSME sector, offering comprehensive financial services tailored to the unique needs of small businesses. This shift propelled HALA’s rapid growth and attracted interest from local and international investors, positioning the company as a key player in the region’s fintech ecosystem.
Commitment to Saudi Vision 2030 and Global Expansion
Speaking on HALA’s inclusion in the Saudi Unicorns Programme, Co-Founder and Chairman Esam Alnahdi stated, “Our induction into this prestigious programme underscores our unwavering commitment to Saudi Vision 2030. As we continue our global expansion, we are not only scaling our business but also helping position Saudi Arabia as a leader in fintech innovation. Our mission aligns with the Kingdom’s goals of economic diversification and digital transformation, and we look forward to expanding our impact across the MENA region and beyond.”
Through the Saudi Unicorns Programme, HALA will gain access to top talent, new markets, and strategic partnerships with government entities and global fintech leaders, accelerating its growth and enhancing its ability to deliver tailored financial solutions to MSMEs.
Innovating for the Future: HALA’s Roadmap
As part of its innovation strategy, HALA has introduced lending products that provide MSMEs with flexible financing options by connecting them with a diverse pool of investors. This aligns with HALA’s broader objective of promoting financial inclusion and addressing the challenges faced by small businesses in frontier markets.
Co-Founder and CEO Maher Loubieh highlighted HALA’s focus on continuous innovation: “We are constantly evolving to meet the changing needs of SMEs and freelancers. Our goal is to build a comprehensive financial platform that simplifies banking while offering the tools and resources businesses need to thrive in today’s digital economy. Our participation in the Saudi Unicorns Programme will further accelerate our efforts to expand our digital financial solutions across the region and beyond.”
As HALA looks toward global expansion, its ambition is to extend its SME banking solutions to frontier markets across the MENA region. Backed by the Saudi Unicorns Programme and aligned with Saudi Vision 2030, HALA is well-positioned to become a key player in the region’s fintech ecosystem, revolutionising how small businesses access financial services.
About HALA Payments
HALA Payments, founded in 2018, is a leading fintech in the Kingdom of Saudi Arabia, focused on empowering MSMEs and freelancers with innovative banking and financial solutions. As one of the first fintechs regulated by the Saudi Central Bank as an EMI Financial Institution, HALA is committed to driving financial inclusion and supporting the growth of small businesses in the region.
