ISLAMABAD: Haball, a Pakistan-based fintech company, has secured $52 million in funding to scale its shariah-compliant supply chain financing and payment services, the company announced on Tuesday.
The funding round was led by Zayn VC and Meezan Bank, and includes $5 million in equity along with $47 million in strategic financing. According to the company, the capital will fuel its domestic expansion and support its entry into Middle Eastern markets, starting with Saudi Arabia later this year.
“Supply chain finance in Pakistan remains at an early stage but holds immense potential — estimated to be worth over $9 billion, driven by a major financing gap for SMEs,” Haball said in a statement. Fewer than 5% of small and medium-sized enterprises in the country currently have access to commercial bank financing.
Pakistan has seen rapid growth in Islamic banking and finance, with total assets reaching PKR 9,689 billion ($34.54 billion) by the end of June 2024, according to the State Bank of Pakistan’s Quarterly Islamic Banking Bulletin. Islamic banks now account for 18.8% of the country’s banking assets and 22.7% of deposits. The central bank has set a target to raise these shares to 30% by the end of 2025, as part of its strategic roadmap.
Haball currently offers shariah-compliant financial solutions to around 8,000 SMEs and multinational companies. Its platform also includes services for digital invoicing, payment collection, and tax compliance.
“Haball has processed over $3 billion in payments and disbursed $110 million in financing, helping to optimize supply chains across Pakistan,” said Omer bin Ahsan, the company’s founder and CEO.
