Hala Payments Joins the Saudi Unicorn Program
Hala Payments, headquartered in Riyadh, has officially joined the Saudi Unicorn Program, a prestigious initiative aimed at supporting companies on their journey to becoming billion-dollar enterprises. This program presents a golden opportunity for Hala to enhance its capabilities, enter new markets, attract top talent, and forge strategic partnerships with government entities and global fintech companies.
Founded in 2018 by entrepreneurs Esam Al Nahdi and Maher Loubieh, Hala focuses on providing comprehensive financial services to small and medium-sized enterprises (SMEs), with the goal of enabling them to establish, manage, and grow their businesses with ease. Hala has quickly established itself as a leading company in this sector within Saudi Arabia, processing over SAR 21 billion in financial transactions and serving more than 110,000 merchants nationwide.
The Saudi Unicorn Program and Its Role in Vision 2030
The Saudi Unicorn Program is managed by the Ministry of Communications and Information Technology in collaboration with the Mohammed bin Salman Foundation “Misk”. The program aims to support the growth of emerging and developing companies, contributing to the realization of Saudi Arabia’s Vision 2030 goals, which seek to diversify the economy, promote innovation, and drive digital transformation. The program helps companies expand into new markets, develop human capital, and access global networks of investors and experts.
Hala’s inclusion in the program reflects its commitment to contributing to national goals and solidifying Saudi Arabia’s position as a global fintech leader. With the support provided by this program, Hala aims to accelerate its growth and expand its innovative financial solutions offered to SMEs, directly aligning with the Vision 2030 roadmap.
Sustainable Innovation for SMEs
Since its establishment, Hala has focused on developing financial solutions specifically tailored to meet the needs of small and medium-sized enterprises, which are essential pillars of Saudi Arabia’s economy. These businesses require innovative financial services to help them grow and expand. With licenses from the Saudi Central Bank, including a crowdfunding license, Hala provides a variety of services such as banking accounts, payment cards, point-of-sale solutions, and financing.
Through these offerings, Hala is committed to providing financial services that support financial inclusion and address the challenges faced by SMEs, thereby helping to foster economic growth. The company also offers flexible financing options by connecting SMEs with local and international investors, increasing their access to capital and enabling them to succeed.
Hala’s Journey: From a Digital Wallet to a Fintech Leader
Hala began its journey as a fintech company offering digital payment solutions through e-wallets and QR codes. However, in 2020, the company made a strategic pivot to provide comprehensive financial solutions tailored to the needs of SMEs, recognizing the underserved nature of this segment in Saudi Arabia and other emerging markets.
This shift allowed Hala to achieve rapid growth and attract investments from major local and international players, further establishing its position as a key player in the regional fintech space.
Global Expansion and Commitment to Vision 2030
Esam Al Nahdi, Co-Founder and Chairman of Hala, emphasized the importance of the company’s inclusion in the Unicorn Program, stating, “Our participation in this prestigious program reinforces our strong commitment to Vision 2030. As we continue our global expansion, we are not only growing our business but also contributing to positioning Saudi Arabia as a global leader in fintech.”
Hala aims to expand its financial solutions into emerging markets across the Middle East and North Africa (MENA) region, as part of its global expansion strategy that aligns with Vision 2030. With the strategic partnerships the company can build through the Unicorn Program, new horizons are opening up for Hala, enhancing its ability to offer innovative financial solutions to SMEs.
Innovating for the Future: Hala’s Roadmap
Hala is focused on sustainable innovation to meet the needs of SMEs by providing cutting-edge financial technology solutions. Through its comprehensive approach, the company simplifies banking operations for these businesses and delivers the financial tools they need to thrive in today’s digital economy. Hala’s goal is to accelerate the pace of innovation and expand its solutions across the MENA region and beyond, strengthening its role as a key player in the global fintech ecosystem.
In conclusion, Hala’s entry into the Saudi Unicorn Program is a strategic step that will contribute to achieving the company’s long-term goals and strengthening its position as a leading fintech company. This will enable Hala to deliver innovative financial solutions to SMEs and support national economic growth in line with Saudi Vision 2030.