Haball secures $52m funding to grow Islamic finance business

KARACHI: Haball, a Pakistan fintech firm, raised $52 million to expand its shariah-compliant supply chain financing and payments services, the company said on Tuesday.

The funding, led by Zayn VC and Meezan Bank, includes $5 million in equity and $47 million in strategic financing, and will support Haball's growth plans for the country, the company said in a statement.

The money will also help Haball's expansion into the Middle East, starting with Saudi Arabia this year, it added.

"Supply chain finance in Pakistan is nascent but is expected to be worth over $9 billion; driven by the severe financing gap faced by the country’s SMEs — less than 5