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EdfaPay, Saudi Arabia's leading fintech platform, has secured a $5 million Pre-Series A funding round led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment.

EdfaPay Secures $5 Mn Funding in Pre-Series A Round

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Lean Technologies, a Riyadh-based fintech infrastructure platform, has secured $67.5 million in Series B funding led by General Catalyst, a renowned Silicon Valley-based venture capital group. The round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others. This brings Lean’s total funding to over $100 million to date.

Lean Technologies Secures $67.5 Mn in Series B Funding Led by...

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Saudi Arabia-based social media platform, Mush Social has raised $1.2 million in funding in a pre-Seed round led by Nifal Consulting, with support from Nahr Al-Jazeera Holding, along with other angel investors.

Mush Social Raises $1.2 Mn Funding in Pre-Seed Round

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Saudi Venture Capital Company (SVC), one of the development banks of the National Development Fund (NDF) has announced a $20 million investment in Booster IV, a venture capital fund managed by BECO Capital. With $495M in AUM across four funds, BECO Capital is the largest non-government early-stage venture firm in the Gulf.

Saudi Venture Capital Invests $20 Mn in BECO Capital Fund

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PIF and Google Cloud announced a strategic partnership to create a new global artificial intelligence (AI) hub. The new AI hub will be based near Dammam, in Saudi Arabia’s Eastern Province.

PIF and Google Cloud to Create Advanced AI Hub in Saudi...

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Saudi Arabia-based proptech ARKTECH has successfully closed its pre-seed investment round of $1 million led by Core Vision Investment.

ARKTECH Secures $1 Mn Pre-Seed Funding

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Adaverse, the leading Web3 and blockchain fund in Saudi Arabia, announces a strategic investment in TGE (Tharawat Green Exchange), an innovative startup leveraging Web3 technology to support environmental sustainability initiatives in line with Saudi Vision 2030.

TGE Secures $450k Investment From Adaverse

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HALA Payments Joins Saudi Unicorns Programme Riyadh-based fintech HALA Payments, founded by Esam Alnahdi and Maher Loubieh in 2018, has been inducted into the prestigious Saudi Unicorns Programme. As a pioneer in SME banking, HALA’s mission is to empower micro, small, and medium enterprises (MSMEs) and freelancers, enabling them to start, run, and grow their businesses seamlessly. HALA has already facilitated over $7 billion in transactions, serving more than 110,000 merchants across the Kingdom. This exponential growth positions HALA perfectly for the Saudi Unicorns Programme, as the company eyes towards its potential IPO while contributing to Saudi Arabia’s fintech leadership on the global stage. The Saudi Unicorns Programme, run by the Ministry of Communications and Information Technology in collaboration with Mohammed bin Salman Foundation 'Misk', supports Saudi Vision 2030 by fostering innovation, economic diversification, and digital transformation. The aim of the programme is to Provide companies the opportunity to expand into new markets, Attract and develop human capabilities and build necessary skills, Access to investors and large corporations, and Connect with a network of global experts in the field HALA’s inclusion in the programme signifies not just a business milestone but a commitment to these national goals. The fintech will receive comprehensive support in talent development, market expansion, and global networking, driving its mission to shape the future of SME banking. Empowering MSMEs to Drive Economic Growth With a strong mission to enable SMEs, freelancers, and entrepreneurs, HALA is focused on providing an innovative, digital-first banking experience. As one of the first fintechs to be regulated by the Saudi Central Bank as an EMI Financial Institution, in addition to lending licenses, HALA offers a comprehensive range of financial services, including bank accounts, payment cards, Point of Sale (POS) solutions, and lending. This extensive product portfolio is designed to cater to the evolving needs of the SME sector, a key pillar in achieving Saudi Vision 2030’s goals of job creation and economic empowerment. HALA’s Journey: From Digital Wallet to SME Banking Pioneer HALA’s journey began in 2018 as one of Saudi Arabia’s first mobile wallets, designed to enable digital payments via QR codes. However, recognising an underserved market segment, the company pivoted in 2020 to focus on financial services for MSMEs— a crucial yet underserved group in Saudi Arabia and other frontier markets. This shift laid the foundation for HALA’s rapid growth, Leading to an appetite from various leading local and international investors Commitment to Saudi Vision 2030 and Global Expansion Speaking on the company’s induction into the Saudi Unicorns Programme, Co-Founder and Chairman Esam Alnahdi said: “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. Our mission aligns with the Kingdom’s goals of economic diversification and digital transformation, and we are excited to expand our impact across the MENA region and beyond.” Through the Saudi Unicorns Programme, HALA will benefit from opportunities to attract top talent, access new markets, and build strategic partnerships with government entities and global leaders in the fintech space. These advantages will accelerate HALA’s growth and enhance its ability to deliver tailored financial solutions to MSMEs. Innovating for the Future: HALA’s Roadmap HALA’s innovative approach includes lending products that offer MSMEs flexible financing options by connecting them with a diverse group of investors. This product speaks directly to HALA’s broader goal of fostering financial inclusion and disrupting challenges faced by small businesses in frontier markets. As Co-Founder and CEO Maher Loubieh explained: “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. Our inclusion in the Saudi Unicorns Programme will further accelerate our efforts to innovate and expand our digital financial solutions to the region and beyond.” As HALA sets its sights on global expansion, the fintech aims to extend its SME banking solutions to frontier markets across the MENA region. With the support of the Saudi Unicorns Programme and its alignment with Saudi Vision 2030, HALA is on the fast track to becoming a key player in the region’s fintech ecosystem, revolutionising how small businesses access financial services. About HALA Founded in 2017 by Esam Alnahdi and Maher Loubieh, HALA is currently duly licensed by the Saudi Arabian Central Bank as well as the Financials Services Regulatory Authority (FSRA) in Abu Dhabi Global Market. HALA is a leading fintech player in the MENAP region that aims to redefine financial services and build the future bank of SMEs. HALA aims at empowering SMEs to start, run, and grow their businesses by providing them with cutting-edge financial and technological tools. HALA currently holds multiple entities in UAE, Saudi Arabia and Egypt (including HALA Payments, HALA Cashier and HALA Logistics) and offers solutions that enable merchants to digitize their payments as well as manage their sales and operations.

HALA Payments Joins Saudi Unicorns Programme

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The 1st B2B BNPL Platform in MENA, Mala has secured USD 7 million in funding in a Pre-Seed round, led by Venture Souq and supported by several notable investors such as M Capital, BECO Capital, Access Bridge Ventures, Palm Ventures, Shorouq Partners, Wad Investment, and the DGV fund.

Saudi Arabia-based Mala Secures USD 7 Mn Pre-Seed Funding

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JARAS Hospitality, a company specializing in innovative hospitality management solutions, has successfully closed its pre-Seed funding round at SAR2.5 million.

Saudi Arabia-based JARAS Hospitality Raises $666k Pre-Seed Funding

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