Saudi fintech Hala has acquired UAE-based start-up Paymennt.com for an undisclosed sum during the LEAP 2023 technology event.
This acquisition will allow Hala to further diversify its product offerings by incorporating online payments, enabling its SME customers to enhance their online presence and process omnichannel payments both offline and online.
Co-founder of Hala, Maher Loubieh, said: “We are excited to welcome Paymennt team to our family to join us in executing our shared vision.
“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 the second acquisition for Hala since its founding: the first was the acquisition of the Saudi startup Fresh two years ago.
Established in 2016, Hala provides financial tools to entrepreneurs and SMEs to start and develop their businesses.
The company witnessed significant growth in 2022 by doubling its customer base and its revenues year-over-year.
Paymennt.com, established in 2017, offers SMEs a platform to support their offline-to-online operations with an integrated online payment solution.
The company, previously called PointCheckout, serves more than 2,000 micro and small businesses. Since its inception, it has grown by more than 250 per cent in payment processing year-over-year.
Co-founder and CEO of Paymennt.com, Bashar Saleh, 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.
“We are very proud of what our team has achieved to date, having gained the trust of our merchants in processing their payments. Now, being part of the Hala family, we can better serve our customers and grow across the Middle East and beyond.”
