Saudi Arabia-based fintech firm Hala has acquired UAE-based payments start-up Paymennt.com for an undisclosed sum.
Established in 2017 and formerly known as PointCheckout, Paymennt.com provides online payment services to more than 2,000 micro and small businesses and is regulated by the Abu Dhabi Global Market’s RegLab.
With the acquisition, Hala plans to enhance its product offerings by incorporating online payments, offering small and medium-sized enterprises (SMEs) the option to increase their online presence and process omnichannel payments both offline and online.
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Maher Loubieh, co-founder of Hala, says Paymennt’s product was a “clear fit” with their own 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,” Loubieh adds.
Founded in 2017 and headquartered in Riyadh, Hala is one of the first fintech start-ups from Saudi Arabia to receive a full licence from the central bank. It provides financial services to SMEs in the region, claiming to serve over 50,000 businesses in the kingdom, and processing more than $3 billion in annualised transactions.
This marks Hala’s second acquisition since its inception, having first acquired Saudi start-up Fresh in 2021, which is now called Hala Cashier.