Crux: Saudi-based fintech Hala acquires UAE’s payment startup to boost its presence and services in the new markets in MENA (Middle East and North Africa) regions.
Saudi Arabia-based fintech startup, Hala has acquired United Arab Emirates (UAE) startup Paymennt.com in a move that will enable the integration of online payments and further enhance Hala’s product offerings. The acquisition was announced at the LEAP 2023 tech conference in the Saudi capital of Riyadh.
The acquisition “will allow Hala to further enhance its product offerings by incorporating online payments, enabling its SME customers to increase their online presence and process omnichannel payments both offline and online.”
Paymennt.com, previously called PointCheckout and founded in 2017, serves over 2,000 micro and small businesses from its offices in the UAE and Jordan.
Maher Loubieh, co-founder, Hala says: “This is our first endeavor 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.”
Founded in 2016 by Esam Alnahdi and Maher Loubieh, Hala offers financial tools to entrepreneurs and small and medium-sized enterprises (SMEs) to help them start, manage, and grow their businesses. On the other hand, Paymennt.com provides SMEs with a platform to facilitate their transition from offline to online business, as well as an integrated online payment solution.
Bashar Saleh, co-founder and chief executive officer, of Paymennt.com said, “It’s a privilege to join a key player in the region’s fintech ecosystem, one that shares our commitment and passion to cater to the needs of SMEs.”
This is Hala’s second acquisition, it previously acquired Saudi startup Fresh in 2021, now called Hala cashier, and currently enables it to integrate non-financial added value services to its SME customers. Hala currently works in multiple markets including the UAE, Saudi Arabia, and Egypt – the top three markets in MENA region.
