HALA acquires UAE-based fintech paymennt.com
In Riyadh, the capital of Saudi, during the LEAP’s 2nd exhibition, Hala, a Saudia Arabia- based provincial fintech organization, announced its partnership with Paymennt.com, United Arab Emirates (UAE) startup.
The investment will let Hala to additionally improve its development provided by integrating online incomes. Thus allowing its SME clients to improve their online existence.
Payment. Com was founded in 2017 and it is also known as Point Checkout. It is handled by the Abu Dhabi Global Market’s RegLab along with some other offices across Jordan and UAE Paymennt.com is a payment service provider.
Hala co-founder Esam Al-Nahdi said in a statement, “Our expansion will not stop here, soon we will announce another acquisition in MENA (Middle East and North Africa) to help and support regional entrepreneurs and SMEs (small-media enterprises) in the region. Also, our product portfolio will be expanded to enable entrepreneurs and SMEs.”
During the LEAP conference, Maher Loubieh, another Hala co-founder, announced “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.”
Further, Maher said “With more to come, 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.”
According to the fintech firm, “Hala has made progressive hops within the fintech industry ever since it commenced its operations in 2018. The company witnessed significant growth in 2022 by doubling its customer base and revenues year-over-year.”
Paymennt.com CEO Bashar Saleh said, “terming the acquisition a major step forward for SME payments. 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.
Bashar added, “ 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.”
From 6 till 9 Feb, conferences 2nd edition was held in Riyadh. The conference includes top international information technology, creative technology solutions, and telecommunication-affiliated companies.