Hala, a fintech company based in Saudi Arabia, has raised US$157 million in a series B funding round led by TPG’s Rise Fund and Sanabil Investments.

Other investors in the round include QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.

Hala provides embedded financial services to micro, small, and medium-sized businesses and says it serves over 142,000 clients, processing more than US$8 billion in annual transactions.

The company plans to use the new capital to strengthen its position in Saudi Arabia, launch new lending products, and expand to new markets in the region.

🔗 Source: Hala