Haball has secured $52 million in a pre-Series A round—one of the largest ever for a Pakistani fintech. The raise, led by Zayn VC with strategic participation from Meezan Bank and a slate of regional investors, marks a pivotal chapter not only for Haball, but also for Pakistan’s broader tech and startup ecosystem.
Haball, a Sharia-compliant fintech specializing in supply chain financing and B2B payments, is already a dominant force in Pakistan. Now, it has plans for regional expansion into Gulf Cooperation Council (GCC) markets, with a formal entry into Saudi Arabia slated for 2025.
Key Highlights
- Haball raises $52 million. $5 million in equity led by Zayn VC, $47 million in strategic financing from Meezan Bank.
- The fintech aims to enter the Saudi Arabian market in 2025 to capitalize on the demand for Sharia-compliant SME financing.
- Haball is also exploring further GCC market entries across the Middle East, including the UAE and Qatar, as well as opportunities in Asia.
- Haball provides end-to-end, Sharia-compliant financial services, encompassing payment collection, digital invoicing, tax compliance, and financing.
- Haball has processed $3 billion in payments, serving 8,000+ SMEs and giants.
Why this matters
Small and medium-sized businesses (SMEs) are the backbone of worldwide economies—making up over 90% of all firms, employing 60-70% of workers, and contributing half of global GDP. Yet, these businesses struggle to get the financing they need to grow. According to the SME Finance Forum, there’s a staggering $5.7 trillion funding gap for SMEs.
This is where Haball comes in. By offering Sharia-compliant digital financial services, the company isn’t just filling a gap—it’s unlocking growth for thousands of small businesses that traditional banks often overlook. In countries like Pakistan, where less than 5% of SMEs can access formal financing, Haball’s model is a lifeline. And with plans to expand into Saudi Arabia and beyond, it could help even more businesses in regions where Islamic finance is in high demand.
For investors, this funding round validates the untapped potential of Muslim-majority markets. For small businesses, it means access to capital in regions where conventional loans often fall short.
What is Sharia-compliant fintech?
With Muslims representing a quarter of the world’s population—and the youngest globally, with a median age of just 23—Sharia-compliant fintechs that follow Islamic laws are rapidly gaining traction. These platforms prohibit interest (riba), speculative risks (gharar), and unethical businesses like alcohol, arms, and gambling. Instead, it uses profit-sharing models, asset-backed financing, and ethical investments—making it accessible to Muslims seeking financial services aligned with their faith. Fintechs like Haball are making these services more accessible than traditional Islamic banks
Pakistan’s largest fintech funding rounds
In a region where fintech startups often face challenges raising large early-stage rounds, this round underscores both growing investor confidence and the accelerating evolution of Pakistan’s digital economy.
Zayn VC, a prominent Pakistan-based venture capital firm, spearheaded the $5 million equity component, joined by Majlis Advisory SPV and Saudi private investors. The substantial $47 million strategic financing came from Meezan Bank Limited, Pakistan’s largest Islamic bank.
“Our investment in Haball aligns with our vision to support innovative financial solutions that have a global impact,” said Faisal Aftab, Founder and Managing Partner at Zayn VC. “With the GCC region’s increasing focus on strengthening supply chain ecosystems, we see tremendous potential for Haball.”
The deal isn’t just the largest—it’s also “the first time major banks in Pakistan have shown this level of trust in a fintech,” said Faisal Aftab, Founder of Zayn VC, in a LinkedIn post. “It paves the way for more banks to leverage fintechs to expand credit to underserved markets.”
Meezan Bank, a long-standing leader in Islamic banking, sees its partnership with Haball as both strategic and national in scope. “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,” said Syed Tanveer Hussain, Group Executive at Meezan Bank.
Solving the $9 billion gap
In Pakistan, Haball is addressing a critical pain point: less than 5% of SMEs have access to formal banking. For most, the system just isn’t built to serve them. With the country’s supply chain finance market projected at $9 billion, the space is open for smart, digital solutions. “Pakistan’s supply chain needed an efficient, transparent solution,” Ahsan noted. “Digitization drives economic growth and inclusion—key for SME success.”
Haball’s Sharia-compliant platform combines payment collection, digital invoicing, and tax compliance into a seamless experience. Since its launch in 2017, the company has established itself as a leader in Pakistan’s fintech space processing more than $3 billion in payments and disbursing over $110 million in financing to nearly 8,000 SMEs and major players like Coca-Cola.
Unlocking the potential of Islamic Finance
A key driver behind Haball’s expansion strategy is the significant demand for Sharia-compliant financial services, particularly within the SME sector across the Gulf Cooperation Council (GCC) region.
Omer bin Ahsan, Founder and CEO of Haball, described this vision in detail: “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.”
Haball’s platform offers a comprehensive suite of Sharia-compliant financial tools designed to streamline business transactions. This includes payment collection, digital invoicing, tax compliance, and, crucially, access to financing – a significant pain point for many SMEs in Pakistan and the wider region.
“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,” Ahsan pointed out.
Expansion into the Gulf and beyond
With the funding secured, Haball’s next act will unfold on a larger stage. Saudi Arabia will be the company’s first international market, with operations expected to launch in 2025. Plans for regional offices and further market exploration in the UAE, Qatar, and parts of Asia are also in motion. “We look forward to responding to the significant demand in the GCC for Sharia-compliant, SME-focused digital financial services,” said Omer bin Ahsan, Haball’s CEO. “International expansion remains a long-term ambition.”
The expansion comes at a time when demand for Sharia-compliant, tech-driven financial services is growing across the GCC. Saudi Arabia, in particular, has seen a surge in initiatives to boost SME access to financing and modernize B2B financial infrastructure.
“Further international expansion into markets across the Middle East and Asia – meeting the needs for Islamic finance – also remains a long-term ambition,” said Ahsan.
What’s next?
From securing regulatory firsts—like becoming Pakistan’s first fintech licensed for digital invoicing—to being tapped by the State Bank of Pakistan as a multi-bank supply chain platform, Haball has steadily laid the groundwork for scale.
The company is also on track to become a regulated payment initiation service provider, gaining access to Raast, Pakistan’s first instant payment system.
With this substantial funding and a clear roadmap for expansion, Haball is poised to make a significant impact on the digital financial services landscape, both in Pakistan and across the Middle East. Its focus on Sharia-compliant solutions for the underserved SME sector positions it uniquely to capitalize on the growing demand for ethical and efficient financial technologies.
