Haball Secures $52M Funding for Shariah-Compliant Haball
The funding will support Haball in streamlining transactions through an end-to-end solution incorporating payment collection, digital invoicing, tax compliance, and financing, and has processed over $3 billion in payments and disbursed over $110 million in financing, with customers including nearly 8,000 SMEs across Pakistan and multinationals such as Coca-Cola.
Pakistani fintech company Haball has successfully raised $52 million in a pre-Series A funding round, led by Zayn VC, with a strategic financing component of $47 million provided by Meezan Bank Limited, to deepen its infrastructure and expand into the GCC.
Haball's platform provides payments, invoicing, and lending services to SMEs, with a focus on Shariah-compliant financing, and has already established a presence in several major supply chains, including pharmaceuticals, FMCG, construction, and energy. The company's approach to solving supply chain problems is three-tiered, focusing on payments, invoicing, and financing, and has secured a license to become a PISP (payment initiation service provider) via Raast.
The company's success can be attributed to its deliberate and quiet fundraising approach, which has allowed it to build a sustainable business model. Haball has also remained prudent with its finances, raising capital only when required and spending it carefully. The company's focus on long-term sustainability rather than short-term hype has paid off, with over 8,000 SMEs in its network and major clients like Coca Cola.
Haball's unique approach, which has spent years building infrastructure and partnering with regulated banks, has allowed it to access deep liquidity without taking credit risk on its own books. The company's focus on Shariah-compliant financing and its ability to provide a seamless interface for real-time B2B payment transactions set it apart from competitors.
With this funding, Haball plans to consolidate its market leadership in Pakistan and expand into the GCC, with a focus on Shariah-compliant SME-focused digital financial services, and aims to enter the KSA market in 2025 and explore additional market entries across the Middle East and Asia.