Hala, a Saudi fintech company, has acquired Paymennt.com, a micro- and small-business-focused online payment processor from the UAE.
More than 2,000 micro and small enterprises are served by Paymennt.com, formerly known as PointCheckout and founded in 2017, from its locations in the UAE and Jordan. The global epidemic has prompted a 250% increase in year-over-year growth in the company’s payment processing volumes, which is regulated by the RegLab of the Abu Dhabi Global Market.
Hala, which handles more than $3 billion in transactions annually for more than 50,000 SMBs, mostly in Saudi Arabia, claims that the purchase would enable it to integrate online payments into its platform and deliver an omnichannel service to its expanding clientele.
Since the company’s founding in 2018, Hala has made a total of two acquisitions. The company bought Fresh, a Saudi POS startup with an Android-based smart ERP solution for shop management intended for small- and medium-sized businesses in the retail industry, in 2021.