Saudi Arabia-based fintech HALA Payments has officially been inducted into the Saudi Unicorns Programme, marking a significant milestone in the company’s journey towards global expansion and innovation in SME banking.

Since its founding in 2018 by Esam Alnahdi and Maher Loubieh, HALA Payments has positioned itself as a pioneer in digital financial services, specifically targeting micro, small, and medium enterprises (MSMEs) and freelancers. The company's mission is to provide seamless banking solutions that empower businesses to start, grow, and scale in an increasingly digital-first economy. With its inclusion in the Saudi Unicorns Programme, HALA stands poised to further accelerate its growth and contribute to the Kingdom’s ambitious Vision 2030.

Strategic Growth Through the Saudi Unicorns Programme

The Saudi Unicorns Programme, an initiative led by the Ministry of Communications and Information Technology in collaboration with the Mohammed bin Salman Foundation (Misk), aims to foster economic diversification, digital transformation, and innovation across the Kingdom. As part of the initiative, selected companies like HALA receive access to an array of resources designed to catalyze their growth, including top-tier talent, new market opportunities, and strategic partnerships with global leaders in the fintech space.

HALA’s induction into this programme underscores not only its rapid growth and potential for future expansion but also its alignment with the national goals outlined in Saudi Vision 2030. This initiative is critical for Saudi Arabia’s plans to become a leader in the global fintech ecosystem by promoting entrepreneurship, supporting emerging technologies, and creating a vibrant digital economy. For HALA, the support from the Saudi Unicorns Programme comes at a pivotal time as the company eyes an IPO and prepares for global market expansion.

HALA’s Mission to Empower MSMEs

Since its inception, HALA has been dedicated to addressing the financial needs of MSMEs and freelancers, two sectors often underserved by traditional financial institutions. Initially launched as one of Saudi Arabia’s first mobile wallets for digital payments, HALA quickly recognized a significant gap in the market for comprehensive financial services tailored to small businesses. In 2020, the company pivoted to focus on offering a full suite of SME banking solutions, including business bank accounts, payment cards, Point of Sale (POS) systems, and lending services.

This shift has been instrumental in HALA’s exponential growth. The fintech has facilitated over $7 billion in transactions and now serves more than 110,000 merchants across Saudi Arabia. By focusing on the specific needs of small businesses, HALA is playing a crucial role in driving job creation and economic empowerment, key pillars of Saudi Vision 2030. Its suite of digital banking solutions is designed to simplify financial management for MSMEs, making it easier for them to thrive in today’s fast-evolving marketplace.

Building Strategic Partnerships for Global Expansion

One of the key benefits of HALA’s inclusion in the Saudi Unicorns Programme is the opportunity to build strategic partnerships with government entities and other global leaders in the fintech industry. As the company continues to scale, these partnerships will be vital in helping HALA expand its footprint beyond Saudi Arabia and into new markets across the MENA region and beyond.

Speaking on the company’s inclusion in the programme, HALA’s Co-Founder and Chairman, Esam Alnahdi, emphasized the alignment between HALA’s goals and Saudi Vision 2030: “HALA’s inclusion in this prestigious programme reflects our deep commitment to Saudi Vision 2030. As we continue our global expansion, we are not only scaling our business but also contributing to Saudi Arabia’s position as a leader in fintech innovation.”

The programme’s emphasis on talent development, market expansion, and networking with global experts will provide HALA with the resources it needs to accelerate its growth trajectory. By leveraging the support of the Saudi Unicorns Programme, HALA is well-positioned to continue driving innovation in SME banking, particularly in frontier markets where small businesses often face significant financial challenges.

Innovating for the Future of Financial Services

Innovation lies at the heart of HALA’s approach to SME banking. One of the company’s key initiatives is its lending product, which offers MSMEs flexible financing options by connecting them with a diverse pool of investors. This product is part of HALA’s broader goal of fostering financial inclusion and addressing the unique challenges faced by small businesses in emerging markets.

Co-Founder and CEO, Maher Loubieh, highlighted the importance of continuously innovating to meet the evolving needs of SMEs and freelancers: “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.”

Through the Saudi Unicorns Programme, HALA will have the opportunity to further develop its product offerings and expand its reach, bringing its innovative digital financial solutions to businesses across the region.

HALA Payments’ inclusion in the Saudi Unicorns Programme marks a major milestone in its journey towards becoming a global leader in fintech. With the support of this prestigious initiative, HALA is poised to accelerate its growth, expand into new markets, and continue revolutionizing SME banking in Saudi Arabia and beyond.

As the company looks to the future, its mission remains clear: to empower small businesses and freelancers through innovative, digital-first financial solutions. In doing so, HALA is not only contributing to the success of its customers but also playing a pivotal role in advancing Saudi Arabia’s position as a hub for fintech innovation in the global economy.