---
title: Bono’s TPG Rise Fund Places First Middle East Bet on Saudi Fintech Hala
description: TPG Rise Fund backs HALA with $157 million – its first Middle East bet in nine years – signalling Saudi fintech’s maturity, SME focus and impact investment.
author: Darie Nani (Editor-in-Chief)
date: 2025-09-15T11:17:48.000Z
updated: 2026-03-31T11:24:37.086Z
canonical: https://www.sovereignmagazine.com/article/bono-s-tpg-rise-fund-places-first-middle-east-bet-on-saudi-fintech-hala
image: https://cdn.nanimediahouse.com/HALA-mada-Visa-Business-Cards.webp
categories: FinTech, Startups
content_type: Spotlight
region: Riyadh
publication: Sovereign Magazine
about:
  - type: Organization
    name: HALA
    description: "HALA, co-founded by Esam Alnahdi (Chairman) and Maher Loubieh (CEO), is a leading fintech company based in Saudi Arabia, dedicated to empowering micro, small, and medium enterprises (MSMEs) with innovative financial services.\n\nSince its inception, HALA has rapidly grown its footprint by offering a comprehensive suite of embedded financial solutions, including business accounts, card issuance, payment and transfer services, and point-of-sale solutions. With a vision to transform the financial landscape for businesses, HALA has already supported over 140,000 enterprises, processing more than $8 billion in annual transactions ."
    url: https://hala.com/en
    sameAs:
      - https://x.com/Hala_payment, https://www.linkedin.com/company/halapayments, https://www.instagram.com/hala.payment
---

A $157 million cheque just landed in Riyadh, but the real story isn’t the size of the sum. TPG Rise Fund, the impact investment vehicle co-founded by U2’s Bono in 2016, has made its first-ever Middle East investment after nine years of global dealmaking. They chose Saudi Arabia’s [HALA](https://hala.com/en) over every other regional opportunity.

![HALA founders Esam Alnahdi and Maher Loubieh 1024x1024](https://cdn.nanimediahouse.com/HALA-founders-Esam-Alnahdi-and-Maher-Loubieh-1024x1024.webp)

[TPG Rise Fund](https://www.tpg.com/platforms/impact/the-rise-funds) doesn’t just throw money around. Since launching nearly a decade ago with a board that includes tech luminaries like Pierre Omidyar and Laurene Powell Jobs, the fund has been notoriously selective. They’ve backed [Cellulant’s African mobile payments platform](https://qz.com/africa/1277155/africa-fintech-cellulant-raises-47-5-million-from-tpg-growths-rise-fund) for $47.5 million and invested in Indian mobile tower infrastructure that boosted the country’s mobile penetration rates. They’ve even funded sustainable agriculture companies converting hog manure into fertiliser.

For nine years, the Middle East remained untouched territory. Until now.

## The Numbers That Caught Global Attention

HALA’s metrics explain why [TPG](https://www.tpg.com/) finally took notice. The Saudi fintech serves 142,000 businesses and processes $8 billion in annual transactions. The company has posted 60% revenue growth whilst building embedded financial services for micro, small and medium enterprises – exactly the kind of impact-driven model that TPG’s thesis demands.

‘This landmark investment is a turning point for HALA, reflecting on our relentless pursuit of innovation and excellence in serving small businesses,’ said Esam Alnahdi, HALA’s Co-founder and Chairman. ‘We are honoured that our new investors recognise the potential of our vision and the impact we aspire to make in the MSME landscape.’

Maher Loubieh, Co-founder and Group CEO, echoed this sentiment: ‘We believe that our diverse group of prominent investors bring valuable global expertise and perspective which will elevate our ambitions to execute with even greater scale and impact.’

‘HALA is uniquely positioned to empower micro and small businesses, a key pillar in the region’s economy, by delivering business owners and their customers a broad and growing set of payment solutions,’ said Yemi Lalude, Partner at TPG and Head of Europe, Middle East and Africa for The Rise Funds. ‘Our investment underscores our belief in the growth potential of this market.”

Middle Eastern fintech is gaining serious momentum. [MENA startups raised $2.1 billion in the first half of 2025](https://fintechnews.ae/27046/fintech/mena-startup-funding-h1-2025/) alone – a 134% increase year-on-year. Saudi Arabia led with $969 million across 20 fintech deals, whilst [fintech companies now account for 30% of all regional startup funding](https://www.sovereignmagazine.com/article/ai-marketing-funding-surges-across-mena-amid-rapid-enterprise-adoption).

## Vision 2030’s SME Agenda

HALA’s growth intersects perfectly with Saudi Arabia’s economic plans. [Vision 2030 targets raising SME contribution to GDP from current levels to 35%](https://www.vision2030.gov.sa/en/explore/programs/financial-sector-development-program), whilst the Kingdom aims to boost its SME financing ratio to 11% by 2025. With over 1.3 million small businesses needing better access to capital, the addressable market is substantial.

Current banking penetration sits at healthy levels, but financing gaps remain significant for smaller enterprises. The government has already facilitated SAR 107.2 billion in financing guarantees through its Kafalah program, whilst the SME Bank has disbursed over SAR 1.5 billion to more than 1,000 enterprises.

Financial literacy has improved to 38% among adults, creating a more sophisticated user base for digital financial services. These fundamentals [explain why HALA](https://www.sovereignmagazine.com/article/from-living-room-to-lifeline-how-buscaro-built-pakistan-s-answer-to-its-transport-crisis) can sustain its growth trajectory whilst serving traditionally underbanked segments.

## Global Capital Takes Notice

TPG’s entry sends a clear signal about market maturation and long-term viability. When impact investors with Bono’s global profile and TPG’s track record finally enter a market, competitors pay attention.

TPG’s investment methodology matters here. The fund measures both financial returns and social impact using [rigorous valuation frameworks](https://www.sovereignmagazine.com/article/un-vienna-aifod-summit-investors-get-first-look-at-ai-financing-frameworks-in-developing-countries). Their backing suggests HALA meets both criteria at scale – profitable growth that creates measurable social benefit through expanded financial inclusion.

The Series B round, co-led with Saudi Arabia’s Sanabil Investments, attracted participation from established regional players like QED, Raed Ventures and Middle East Venture Partners alongside international names. This mix of local and global capital shows growing confidence in regional fintech infrastructure.

## Opening the Floodgates

TPG’s move could trigger a wave of international impact investment into the Middle East. [Major global funds are increasingly looking beyond traditional markets](https://pitchbook.com/news/articles/wealthy-europeans-can-now-invest-in-blackstones-infrastructure-eltif) for growth opportunities, particularly in sectors addressing financial inclusion and SME development.

Other impact-focused vehicles that have historically avoided the region may now reassess their positions. When [European growth funds](https://www.sovereignmagazine.com/article/kennet-raises-287m-growth-fund-largest-in-european-history) and vehicles with Bono’s involvement make their first regional bet, competitors typically follow.

For Saudi Arabia’s startup community, TPG’s investment represents external validation from some of the world’s most discerning institutional capital. The Kingdom has been steadily building fintech infrastructure and regulatory frameworks to support digital financial services. [TPG’s investment suggests these efforts have reached the threshold](https://www.sovereignmagazine.com/article/private-credit-framework-what-responsible-ownership-means-for-middle-market-lending) where global impact capital feels comfortable deploying substantial cheques.

**About HALA**

HALA, co-founded by Esam Alnahdi (Chairman) and Maher Loubieh (CEO), is a leading fintech company based in Saudi Arabia, dedicated to empowering micro, small, and medium enterprises (MSMEs) with innovative financial services.

Since its inception, HALA has rapidly grown its footprint by offering a comprehensive suite of embedded financial solutions, including business accounts, card issuance, payment and transfer services, and point-of-sale solutions. With a vision to transform the financial landscape for businesses, HALA has already supported over 140,000 enterprises, processing more than $8 billion in annual transactions .

[Website](https://hala.com/en)