Saudi’s Hala Acquires UAE’s Fintech Platform Paymennt.com
The acquisition will enable Hala to enhance its product offerings to include online payments.
Hala, a Saudi-based fintech startup, has acquired UAE’s fintech platform Paymennt.com for an undisclosed sum.
The acquisition will enable Hala to enhance its product offerings to include online payments, further supporting SMEs in their online presence while also enabling them to process omnichannel payments, both online and offline.
Founded in 2016 by Esam Alnahdi and Maher Loubieh, Hala allows SMEs to manage all their payments through its application, providing entrepreneurs with the financial tools to operate and grow their business.
Meanwhile, Paymennts.com - founded in 2017 by Bashar Saleh and Tarek Ghobar - provides SMEs with an integrated platform to accept payments online, in person or through payment links. It services more than 2,000 micro and small businesses to date, and has grown by over 250% in payment processing YoY, the startup claims.
“We are excited to welcome the Paymennt team to our family to join us in executing our shared vision,” said Maher Loubieh, Co-Founder of Hala, at the LEAP event in Saudi Arabia. “The trigger was simple, we met smart entrepreneurs who share a similar vision and who are building a complementary product that clearly fits within our strategy. With more to come, this is our first endeavour outside our homeland and is the first block towards executing our global vision. We believe integrating the offering of Paymennt.com with that of Hala will provide a major added value for our customers in Saudi and in UAE.”
This is Hala’s second acquisition after acquiring Fresh in 2021, which is now known as Hala Cashier. This first acquisition enabled Hala to include non-financial services to its customers.
In 2022, M&A transactions increased by 71% in the region, with the UAE, Saudi Arabia, and Egypt doubling their exits YoY, according to Magnitt’s Emerging Venture Markets report.
Some exits that took place last year include Lyve Global acquiring Jeebly, Careem acquiring MUNCH:ON, and Huspy acquiring three companies: Home Matters Mortgage Consultants, Just Mortgage and Finance Lab.
