Saudi fintech company Hala announced the purchase of a payment startup from the UAE Paymennt.com.
Paymennt.com is an online payment system for micro and small businesses. Previously, the startup had the name PointCheckout. The company was founded in 2017. Currently, the firm serves more than 2,000 micro and small enterprises. The company’s offices are located in the UAE and Jordan. The startup’s activities are regulated by the RegLab of the Abu Dhabi Global market.
Paymennt.com reports an increase in the volume of payment processing by 250% on an annual basis. Representatives of the company explain the increase in this indicator by the specifics of the functioning of the financial market against the background of the coronavirus pandemic.
Hala serves more than 50 thousand small and medium-sized businesses, mainly in Saudi Arabia. The company processes transactions worth more than $3 billion a year. The firm claims that the emergence of a startup in its ownership structure provides an opportunity to integrate digital transactions into the Hala platform. The implementation of this solution will lead to the formation of a multi-channel offer for the growing customer base of the company.
Maher Lubie, the co-founder of Hala, said the acquisition of the startup is the firm’s first venture outside Saudi Arabia. He also called the deal the first step towards the implementation of the company’s global activity strategy. Maher Lubie is convinced that the integration of the proposal Paymennt.com With the help of Hala, will provide significant added value for customers in Saudi Arabia and the UAE.
The current deal represents Hala’s second acquisition since the firm was founded in 2018. In 2021, the company acquired the Saudi POS startup Fresh, an intelligent ERP system for managing Android-based stores designed for the retail sector of small and medium-sized enterprises.
As we have reported earlier, Saudi Arabia Central Bank Launches CBDC Experiment.