Pakistan fintech Haball clinches $52m in pre-Series A round to fuel GCC expansion

Haball, a Pakistani supply chain financing and payments fintech established in 2017, has raised $52 million in a pre-Series A funding round. 

The equity component of $5 million was led by Zayn VC, a Pakistani venture capital firm, alongside Majlis Advisory SPV, and others. Meezan Bank Limited, Pakistan’s first and largest Islamic bank, rated AAA/A-1+, extended the remaining $47 million.

The newly secured capital will accelerate Haball’s consolidation of its market share in Pakistan and facilitate a targeted expansion into the GCC - addressing the growing demand for Shariah-compliant SME-focused digital financial services.

Haball provides Shariah-compliant financing to both SMEs and multinationals, offering an end-to-end solution for payment collection, digital invoicing, tax compliance, and financing.

Pakistan’s supply chain finance industry is estimated at over $9 billion, reflecting a critical funding gap for SMEs - fewer than 5% can access financing from commercial banks. 

Haball plans to enter the Saudi market in 2025, enabling SMEs and creating new growth avenues for local businesses. A regional office will be established in the kingdom, and further expansion into markets such as the UAE and Qatar is also under consideration, the company said in a statement. 

“Widespread digitization of financial systems – as offered by Haball – will drive economic growth and financial inclusion, which is imperative for SMEs’ success across Pakistan,” said Omer bin Ahsan, founder and CEO of Haball.

“We also look forward to responding to the significant demand in the GCC for Shariah-compliant and SME-focused digital financial services, beginning with our market entry to KSA this year. Further international expansion into markets across the Middle East and Asia – meeting the needs for Islamic finance – also remains a long-term ambition,” he added.

Haball has processed over $3 billion in payments and disbursed over $110 million in financing to optimize supply chains nationwide. Its client base includes nearly 8,000 SMEs and multinationals like Coca-Cola.

It is the first fintech in Pakistan to secure a digital invoicing license from the Federal Board of Revenue. The State Bank of Pakistan also selected it as a multi-bank supply chain financing platform. Furthermore, Haball is on course to be a regulated payment initiation service provider with access to Raast, the country’s first instant payment system.