Pakistan's Haball secures $52mn pre-Series A funding round, eyes Saudi Arabia expansion
Haball, Pakistan's leading supply chain financing and payments fintech, said it raised $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, a Pakistan-based venture capital firm.
Other investors included Majlis Advisory SPV and several Saudi Arabian private investors, the company said.
The strategic financing component of $47 million was provided by Meezan Bank Limited, Pakistan's first and largest Islamic bank, the company said.
Haball said the proceeds will be used to support its planned expansion into the GCC to cater to the market demand for Sharia-compliant SME-focused digital financial services, besides consolidating its domestic market leadership in Pakistan.
Haball eyes Saudi market
Haball said it will enter the KSA market in 2025 to service SMEs and unlock millions in growth opportunities for Saudi 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, said the venture is looking forward to responding to the significant demand in the GCC for Sharia-compliant and SME-focused digital financial services, beginning with 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,' he said.
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