Haball, a supply chain financing and payments fintech based in Pakistan, has raised US$52 million in a pre-series A round. This includes US$5 million in equity from Zayn VC and US$47 million in strategic financing from Meezan Bank, Pakistan’s largest Islamic bank.

The funding will help Haball strengthen its position in Pakistan and expand into the GCC region, starting with Saudi Arabia in 2025.

The company also plans to enter the UAE, Qatar, and other Middle Eastern and Asian markets.

Founded in 2017, Haball offers shariah-compliant financing for SMEs and multinational corporations. Its platform provides payment collection, digital invoicing, tax compliance, and financing services.

Haball has processed over US$3 billion in payments and disbursed US$110 million in financing.

🔗 Source: Haball

🧠 Food for thought

A. Pakistan’s massive SME financing gap creates unique opportunity for Islamic fintech

Pakistan’s financial inclusion challenge is staggering, with only 21% of adults having formal bank accounts as of 2019, creating a vast untapped market for digital financial services 1.

The situation is particularly dire for small businesses, with less than 5% of Pakistan’s SMEs able to access commercial bank financing according to the original article, which explains Haball’s focus on this underserved segment.

Fintech solutions could potentially increase Pakistan’s financial inclusion by 7% and add up to $36 billion to the country’s GDP by 2025, highlighting the economic impact of companies like Haball addressing this gap 2.

The company’s ability to process $3 billion in payments and issue $110 million in financing demonstrates the scale of demand for these services, confirming that the market opportunity is not merely theoretical but actively being captured.

This trend is also seen in the broader MENA region, where approximately 35% of SMEs remain excluded from formal banking due to a lack of Shariah-compliant products, creating an estimated financing gap between $8.63-13.20 billion 3.

Haball’s expansion into Saudi Arabia represents a natural progression, targeting similar structural gaps in SME financing across markets with significant Muslim populations seeking ethical financial solutions.

B. Strategic partnerships between Islamic fintechs and established banks create powerful scaling model

Haball’s funding structure, with $47 million coming from Meezan Bank as strategic financing compared to $5 million in equity, highlights how Islamic fintechs are leveraging partnerships with established financial institutions rather than relying solely on venture capital.