Pakistan’s Shariah fintech raises US$52 million funding

PAKISTAN: Fintech Haball, which offers Shariah compliant financing to SMEs and multinationals, raised US$52 million in a pre-Series A funding round. The US$5 million equity component was led by Zayn VC, with support from Majlis Advisory SPV, several leading Saudi Arabian private investors, angel investors and a prominent business conglomerate. The US$47 million financing was provided by Pakistan’s first Islamic bank Meezan Bank. The funding will also underpin Haball’s push into the GCC region with offices planned in 2025 in Saudi Arabia, the UAE and Qatar plus Asia. Haball has processed over US$3 billion in payments and disbursed over US$110 million in financing – to nearly 8,000 SMEs across Pakistan and also multinationals.