Paymennt.com Has Been Purchased By Saudi Fintech Hala

The UAE payments startup Paymennt.com, an online payment processor for micro and small businesses, has been bought by the Saudi fintech company Hala.

Paymennt.com was founded in 2017 and used to be called PointCheckout. It has offices in the UAE and Jordan where it helps more than 2,000 small and micro businesses. The global pandemic has helped the company, which is regulated by the RegLab of the Abu Dhabi Global Market, process 250% more payments than it did last year.

Hala works with more than 50,000 small and medium-sized businesses, mostly in Saudi Arabia, and handles more than $3 billion in transactions each year. The company says that the acquisition will allow it to add online payments to its platform, giving its growing client base an omnichannel option.

The co-founder of Hala, Maher Loubieh, says:

“This is our first endeavor outside our homeland and is the first block towards executing our global 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.”

This is the second time Hala has bought something since it began in 2018. In 2021, the company bought the Saudi POS startup Fresh. Fresh was an Android-based smart ERP system for store management made for small and medium-sized retail businesses.