Hala Acquires Paymennt.com to Boost Payment Capabilities in the Middle East
Saudi Arabia-based fintech startup Hala has acquired UAE-based online payment platform Paymennt.com (Paymennt) in a move that is expected to significantly enhance the company's payment capabilities in the Middle East. The acquisition will enable Hala to expand its payment processing solutions and offer a more comprehensive suite of payment services to its customers across the region. The financial details of the acquisition have not been disclosed yet.
Hala is one of the leading fintech startups in Saudi Arabia, offering a range of digital financial services to consumers and businesses in the country. The company has been expanding rapidly in recent years, driven by the growing demand for digital payments and other fintech solutions in the region.
Paymennt.com is a well-established online payment platform in the UAE, providing a range of payment processing solutions to businesses and individuals. The platform has gained popularity in the UAE due to its user-friendly interface, fast payment processing, and excellent customer support.
The acquisition of Paymennt will allow Hala to leverage the platform's expertise and technology to enhance its own payment processing capabilities. The company plans to integrate Paymennt's payment gateway into its existing platform, enabling customers to make online payments more easily and securely. The acquisition is part of Hala's broader strategy to expand its business across the Middle East and North Africa (MENA) region. The company has been investing heavily in technology and talent to develop innovative solutions that meet the evolving needs of its customers.
Commenting on the acquisition, Hala's CEO said, "We are excited to welcome Paymennt.com into the Hala family. This acquisition is a significant step in our journey to become the leading fintech company in the region. With Paymennt's technology and expertise, we are confident that we can offer our customers a more comprehensive suite of payment services and continue to drive innovation in the fintech space."
The acquisition is expected to be completed by the end of the first quarter of 2023, subject to regulatory approval. Once completed, Hala will integrate Paymennt's team and operations into its own business, expanding its reach and capabilities in the region.
