Hala Acquires Paymennt and Mamo Secures $3.4 Million to Scale SME Fintech Solutions

Saudi Arabia-based fintech startup Hala has acquired UAE-based online payment platform Paymennt.com (Paymennt). Founded in 2018, Hala is a fintech platform that offers financial services and digital tools to empower small and medium enterprises (SMEs) in their growth and expansion journeys. Regulated by the Saudi Central Bank, Hala's point-of-sale solution is a device that can be activated in as little as 15 minutes before it is delivered to any given location.

Behind The Scenes Of The Paymennt Acquisition

Paymennt was launched in 2017 as an online payment platform that enables SME merchants to process online payments through payment links, e-commerce payments, and QR code payments. Since its inception, Paymennt -which was formerly known as PointCheckout- has built its reputation by helping over 3,000 micro and small businesses widen their reach across the e-commerce realm. Paymennt co-founder Tarek Ghobar believes his entreprise is well-positioned to contribute towards Hala's vision of becoming a one-stop-shop for SMEs.

Tarek Ghobar explains the synergy: "An important next frontier in Hala's product roadmap is online payment processing, and, similarly, our expansion plan included a regional rollout and launching additional value added services for our SME merchant base." Indeed, this would mark the second successful acqusition for Hala- the first being that of Saudi startup Fresh in 2021, which led to the addition of a new feature on its platform called Hala Cashier.

Strategic Vision and Growth

"Together, we will be able to provide merchants with a comprehensive solution to processing payments, starting from the business inception and in-person payments, and all the way to their venture into online sales and payment processing," Ghobar adds. With Hala's tremendous experience in acquiring over 50,000 merchants within two years, the team looks to exponentially grow across the region and bring such tools to more merchants, coupling one account with online and offline payments.

Mamo Raises A US$3.4 Million Funding Round

In other regional news, Mamo, a UAE-based fintech startup simplifying the financial operations and enhancing cost efficacy of MENA SMEs, has raised a US$3.4 million funding round. The round was led by the startup's existing investor 4DX Ventures, a pan-Africa focused venture capital fund, and it also included Dubai Future District Fund and Cyfr Capital. To date, Mamo has raised a total of $13 million in funding.

Mamo's product offering includes the services of payment collection, corporate cards, and expense management, that are all consolidated under one financial services platform. The newly raised capital will be allocated to expand Mamo's product offering within the UAE and support testing its product lines in Saudi Arabia.

Entrepreneurial Advice for Scaling Products

Co-founder and CEO Imad Gharazeddine advises entrepreneurs to ensure a detailed distribution plan at the outset, stating that "distribution is more important than product." He also suggests building the cheapest version of a product as soon as possible, urging founders to "always launch early." According to Gharazeddine, product management involves balancing business needs with user needs to create a sustainable solution that works for both the company and the market it is operating in.

Middle East Fintech Market Overview

Company	Origin	Target Sector	Key Achievement
Hala	Saudi Arabia	SMEs	Acquired over 50,000 merchants in two years
Paymennt.com	UAE	Micro/Small Businesses	Supported 3,000+ businesses in e-commerce
Mamo	UAE	MENA SMEs	Total funding of $13 million raised to date