Leading Pakistan fintech secures $52 million pre-series funding
Haball, Pakistan's leading supply chain financing and payments fintech, raises a $52 million pre-Series A funding round comprising equity investment and a strategic financing allocation.
The round's equity component of $5 million was led by Zayn VC - Pakistan's premier venture capital firm. Other investors included Majlis Advisory SPV; several leading private investors in KSA; angel investors, and a prominent business conglomerate. The strategic financing component ($47 million) was provided by Meezan Bank Limited, Pakistan's first and largest Islamic bank, rated AAA/A-1+.
The announcement follows a deliberate strategy of responsible fundraising by the company since its 2017 inception. The proceeds will support Haball in consolidating its market leadership in Pakistan and drive a targeted expansion into the GCC – responding to the clear market demand for Shariah-compliant SME-focused digital financial services.
Supply chain finance in Pakistan is nascent but is expected to be worth over $9 billion; driven by the severe financing gap faced by the country's SMEs – less than 5 per cent can access financing from commercial banks.
Haball will enter the Saudi market in 2025 - to service SMEs and unlock millions in growth opportunities for the kingdom's companies. A regional office will also be opened in the Kingdom. The Company is also exploring additional market entries across the Middle East; such as in the UAE and Qatar; and Asia.
Omer bin Ahsan, Founder and CEO of Haball, commented: 'Pakistan's supply chain has been ripe for an efficient, transparent solution to overcome major gaps in the country's business payments and supply chain financing eco-system. Widespread digitization of financial systems – as offered by Haball – will drive economic growth and financial inclusion; imperative for SMEs' success across Pakistan. 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 Saudi Arabia 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.'
Haball provides Shariah-compliant financing to SMEs and multinationals, streamlining transactions for businesses via an end-to-end solution incorporating payment collection, digital invoicing, tax compliance, and financing.
Already a market leader for supply chain focused financial services in Pakistan; Haball has processed over $3 billion in payments and disbursed over $110 million in financing – optimizing supply chains across the country. Customers include nearly 8,000 SMEs across Pakistan, across verticals, and multinationals such as Coca-Cola.
Haball has worked closely with regulators, becoming the first Pakistan fintech to receive a license from the Federal Board of Revenue for digital invoicing. It was also selected by the State Bank as a multi-bank supply chain financing platform, and is on track to become a regulated payment initiation service provider with access to Raast - Pakistan's first instant payment system.
Syed Tanveer Hussain, Group Executive Corporate, Commercial & Investment Banking at Meezan Bank, said: 'Our collaboration with Haball represents a shared vision to strengthen Pakistan's financial infrastructure - unlocking opportunities for SMEs and enhancing the resilience of supply chains, contributing to the broader economic development of the country.'
Faisal Aftab, Founder and Managing Partner at Zayn VC, said: 'Our investment in Haball aligns with our vision to support innovative financial solutions that have a global impact. With the GCC region's increasing focus on strengthening supply chain ecosystems, we see tremendous potential for Haball to expand its proven model and address critical financing needs.'
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