TPG, Sanabil Lead $157 Million Fundraise for Saudi Fintech Hala

Hala, a Saudi Arabia-based fintech company, raised $157 million in one of the largest-ever funding rounds for an early-stage startup in the Middle East.

The round was led by TPG, and Sanabil, a unit of the kingdom’s sovereign wealth fund, according to a statement. It valued Hala at roughly $900 million, according to a person familiar with the matter, who asked not to be identified discussing non-public information.

Hala offers payment services to more than 142,000 small businesses in the Gulf region, making it similar to Block Inc.’s Square or SumUp Inc. The company has also been ...