Haball, a Pakistan-based fintech company, has secured $52 million to scale its Shariah-compliant supply chain financing and digital payment services, the firm announced on Tuesday.
The funding round was led by Zayn Venture Capital and Meezan Bank, comprising $5 million in equity and $47 million in strategic financing.
According to the company, the capital will fuel its domestic growth strategy and support its entry into the Middle East market, beginning with Saudi Arabia later this year.
In a statement, Haball highlighted that supply chain financing in Pakistan remains underdeveloped, despite an estimated market potential exceeding $9 billion. The sector’s growth is hindered by limited financial access for small and medium-sized enterprises (SMEs), with fewer than 5 percent able to secure funding from commercial banks.
Haball currently serves around 8,000 SMEs and multinational clients, offering Shariah-compliant financing solutions, digital invoicing, payment collection, and tax compliance services.
The announcement comes amid rapid growth in Pakistan’s Islamic finance sector. According to the State Bank of Pakistan’s latest Quarterly Islamic Banking Bulletin, Islamic banking assets reached 9,689 billion Pakistani rupees ($34.54 billion) as of June 2024. The sector now accounts for 18.8 percent of total banking assets and 22.7 percent of deposits.
