Hala acquires UAE-based Paymennt

Saudi Arabian regional fintech Hala has acquired payment service provider Paymennt.com, through its holding company, during the second edition of LEAP 2023, a global technology event. Paymennt.com, formerly PointCheckout, serves over 2,000 micro and small businesses in the UAE and Jordan through an integrated online payment solution.

Regulated by Abu Dhabi Global Market’s RegLab, the company has managed to grow its payment processing by more than 250% year-over-year. Hala aims to enhance its product offerings by incorporating online payments, enabling SME customers to increase their online presence and process omnichannel payments both offline and online.

Hala, which commenced operations in 2018, witnessed significant growth in 2022, with a clear focus on serving SMEs. This acquisition marks the second for Hala since its inception, following the acquisition of Saudi startup Fresh in 2021. This enabled Hala to integrate non-financial added value services to its SME customers, a key pillar of Hala’s strategy aimed at building a one-stop-shop for SMEs. The Paymennt.com acquisition is the first move towards executing Hala’s global vision.

Co-Founder of Hala, Maher Loubieh, said, “We are excited to welcome Paymennt team to our family to join us in executing our shared 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”.

Paymennt.com’s CEO, Bashar Saleh, described the acquisition as a major step forward for SME payments. “Now, being part of the Hala family, we can better serve our customers and grow across the Middle East and beyond”, he added.