Hala Raises $157M to Become the Square of the Gulf

Hey FinTech Fanatic!

FinTech in Saudi Arabia just hit another level 🤯

Riyadh-based Hala locked in $157M — one of the biggest early-stage raises the Middle East has ever seen. The round, led by TPG and Sanabil, pushes Hala’s valuation close to $900M.

Hala is already powering payments for 142,000 small businesses across the Gulf, and now it’s doubling down on corporate cards, business accounts, and financing. In short: building the Square/SumUp of the region, but with Saudi backing.

First Tabby, now Hala — Saudi FinTech is clearly on a funding hot streak.

Cheers,

Marcel

PODCAST 

🎤 Redefining Wealth with Goodfin. In the latest episode of Connecting the Dots in FinTech, host Jonathan Cutler (JCUTLER Media Group) interviews Anna Joo Fee, CEO and Founder of Goodfin, to discuss how the company is reshaping the concept of wealth and expanding access to alternative investments. The conversation covers the origins of Goodfin, the traditional barriers to private equity and venture capital, and how the platform promotes inclusivity in these areas. You can also listen to us on Spotify and Apple Podcasts

FINTECH NEWS

🇺🇸 FinTech firm Lendbuzz files for IPO. The Boston-based company is targeting a valuation of around $1.5 billion. That valuation may change as Lendbuzz and its advisors hold discussions with investors. The FinTech is aiming to go public amid a wave of fellow FinTech companies.

🇩🇪 Trade Republic expands from Brokerage to Wealth Management. Through its newly developed investment platform, customers can invest from as little as 1 euro with fractional investing and have the option to sell monthly at the Trade Republic internal marketplace. In partnership with Apollo and EQT, Trade Republic customers can invest in this asset class, which has outperformed public markets over decades.

🇮🇱 Israeli FinTech firm Sorbet lays off workers over profit struggles. The vacation-day monetization platform says profitability pressure forced a reset of operations, resulting in the laying off of all of its employees in Israel and most of its staff in the U.S.

🇮🇳 Pine Labs gets Sebi nod for likely $1 billion IPO. The IPO, potentially valued at $1 billion, aims for a valuation of up to $6 billion. Pine Labs intends to utilize the IPO proceeds for overseas investments, technology development, and debt reduction, as it competes with major players like Paytm and PhonePe.

PAYMENTS NEWS

🇧🇷 Getnet and Eyemobile launch a payment split solution integrated with card machines. Integrated with Eyemobile's sales management system, the technology allows for automatic payment splitting between different recipients without altering the end consumer's experience. The solution operates through smart card machines, which allow you to install apps.

🇺🇸 The top 25 payments companies of 2025. The companies selected are united by their focus on building payment systems that are scalable, secure, and responsive to evolving market and regulatory demands. ACI Worldwide delivers real-time payment orchestration software that helps banks, billers, and merchants modernize their infrastructures and deliver secure, seamless transactions.

🇬🇧 From Unbanked to Empowered: How Africa is reimagining payments to drive financial inclusion by David King, VP MEASA, ACI Worldwide. According to ACI Worldwide’s Real-Time Payments: Economic Impact and Financial Inclusion 2024 report, real-time payments are projected to contribute more than $15 billion in additional GDP growth to Nigeria and South Africa by 2028.

🇬🇧 PayPal-backed Modulr reports increased revenues, pulls back from crypto clients. Modulr says it is expanding internationally but is pulling back from working with crypto, remittance, and consumer banking clients. Continue reading

🇺🇸 PayPal Ushers in a new era of peer-to-peer payments, reimagining how money moves to anyone, anywhere. Crypto will soon be directly integrated into PayPal's new P2P payment flow in the app. This will make it more convenient for PayPal users in the U.S. to send Bitcoin, Ethereum, PYUSD, and more to PayPal and Venmo, as well as a rapidly growing number of digital wallets across the world that support crypto and stablecoins. 

🇸🇦 Thunes expands real-time cross-border payments to Saudi Arabia. Through its Direct Global Network, Thunes' Members can now deliver instant payouts directly to bank accounts and wallets in the Kingdom in Saudi Riyals (SAR), streamlining transactions for both individuals and businesses.

🇺🇸 Remitly creates a membership tier and expands product offerings. Remitly expanded its digital remittance offerings and created a monthly subscription offering for users, as the international payments platform is seeking to vertically expand its customer base and take advantage of stablecoins in the near future.

🇯🇵 GoPay expands QRIS payments to Japan and eyes China next. Users can now make payments at QRIS-enabled merchants, following Bank Indonesia´s move to expand its cross-border QR code payment system to the country in August 2025. This allows Indonesian travelers to pay at Japanese merchants by scanning JPQR codes using the GoPay app.

REGTECH NEWS

🇦🇺 ANZ to pay $160 million fine for Bond Scandal, admits misconduct. ANZ Group Holdings is to pay a A$240 million ($160 million) fine after admitting to “unconscionable conduct” by incorrectly reporting bond trading data to the Australian government, said the Australian Securities & Investments Commission.

🇵🇰 Pakistan opens crypto licensing to international exchanges. Pakistan's newly established crypto regulator has invited international exchanges and digital asset service providers to apply for operating licenses, marking a significant step toward formalizing the country's substantial cryptocurrency market.

🇬🇧 Bank of England proposals to cap stablecoin holdings draw fire. The central bank is considering the measures as a means to fend off a drain of deposits from traditional financial institutions as users opt for the 24/7 convenience of stablecoins for real-time payments and yield-bearing interest rates.

DIGITAL BANKING NEWS

🇮🇪 US FinTech Mercury to establish operations in Dublin following $300m funding round. The company provides online business banking services via partner banks in the United States. They range from tech start-ups and venture capital firms to small businesses. It is also expanding into the consumer banking services space.

🇬🇧 Monument Bank has not ruled out a London listing. Former Barclays Executive Ian Rand confirmed the UK challenger bank would pursue an IPO in the coming years. But he added that a decision has not been made about where the firm will list.

🇬🇧 Afin Bank introduces Afin Premier, a mortgage range for HNW clients. The offering allows borrowers to include assets, including pensions, investments, property portfolios, fine art, and classic cars, when assessing mortgage affordability. The lender says the new offering is aimed at “asset-rich, income-light” customers who may not meet traditional income-based criteria for large loans.

🇨🇴 Diego Caicedo, CEO of Revolut, confirmed plans to begin operations in Colombia in 2026. With the company currently in the process of obtaining regulatory licenses, the constitution license is expected by the end of 2025, and the operating license in 2026. The neobank aims to enter the market with a full suite of services, including payments, transfers, savings, and potentially crypto and credit products.

🇺🇸 Metro Bank settles software infringement case. Arkeyo has been pursuing Metro Bank for eight years for damages relating to the alleged theft of its intellectual property, having first filed a civil suit in the US in 2017. The company claims that it created the software for Metro’s 'magic money machines' more than a decade ago.

BLOCKCHAIN/CRYPTO NEWS

🇬🇧 LSEG launches Digital Markets Infrastructure platform for private funds, and facilitates first transaction. DMI will deliver blockchain-powered scale and efficiencies for the full asset lifecycle, from issuance, tokenisation, and distribution to post-trade asset settlement and servicing, across multiple asset classes.

🇺🇸 Circle enables AI agents to pay for online services using USDC. This technology enables web services to request an on-chain payment before fulfilling a data request, opening up new possibilities for API monetization. The new model allows an AI agent to complete a transaction without any human intervention.

🇦🇺 Crypto Exchange OKX moves into Australia's self-managed super fund sector. These private retirement vehicles allow individuals and small groups to manage their own savings directly, offering an alternative to the industry and retail funds that still dominate Australia’s pension system.

🇺🇸 Zelle Operator joins stablecoin race with Bank-Led Token. Early Warning Services (EWS) is exploring the launch of its own stablecoin for retail bank customers. The initiative would likely begin with a small-scale pilot designed to test infrastructure for issuing and circulating a regulated dollar-pegged token across bank networks.

PARTNERSHIPS

🇦🇪 UPI joins hands with the Universal Postal Congress in Dubai to reshape cross-border payments. It has been hailed as a landmark moment in the global payments industry, with FinTech leaders highlighting its potential to reshape cross-border remittances and set new benchmarks for financial inclusion.

DONEDEAL FUNDING NEWS

🇸🇦 Hala, a Saudi Arabia-based FinTech company, raised $157 million. Hala offers payment services to more than 142,000 small businesses in the Gulf region, making it similar to Block Inc.’s Square or SumUp Inc. The company has also been expanding into other financial services, like corporate cards, business accounts, and financing.

🌍 Kredete raises a $22M Series A round to expand credit-building infrastructure with stablecoin transfers to Africa. The company combines international money transfers with a proprietary credit-building engine, enabling users to send money to over 30 African countries while improving their credit history in the U.S. and beyond.

🇬🇧 UK FinTech SumUp explores listing at up to $15bn valuation. The London-based FinTech is weighing up an IPO in either London or New York. They had been discussing the plans with investment banks and were aiming to float in the next year.  SumUp is hoping to raise cash to buy up competitors.

🇺🇸 Arch raises $52 million, led by Oak HC/FT. The platform is adding new products to help simplify the relationship between investment firms and their backers, such as facilitating capital calls, or requests to contribute a portion of the capital that LPs have already committed, as well as distributions from successful investments.

🇸🇦 Goldman and Citi among lenders for Tamara’s $1.4 Billion Debt Deal. The transaction will refinance and expand a previous debt facility arranged by Goldman. The commitment could rise to about $2.4 billion. The deal is still being finalized, and terms may change.

M&A

🇺🇸 MoonPay to acquire payments startup Meso Network. Buying Meso will allow MoonPay to provide enhanced support for US banking rails such as electronic transfers and real-time payments, MoonPay CEO Ivan Soto-Wright said, as well as an improved developer platform to help other companies integrate with the New York-based firm’s products.

MOVERS AND SHAKERS

🇺🇸 Bo Hines named CEO of Tether's new US arm as the company unveils USAT stablecoin. Hines, who was previously named as a "strategic advisor" for the largest stablecoin issuer, will oversee the rollout of Tether's new stablecoin, USAT. USAT is designed to be a U.S.-regulated, dollar-backed stablecoin and a complement to USDT, which has about $169 billion in circulation.

🇺🇸 Stripe’s head of crypto, John Egan, departs to join Polygon Labs as Chief Product Officer. Egan said he will focus on improving payments across Polygon’s ecosystem, which includes a handful of blockchains built on top of the Ethereum blockchain.

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