Pakistani fintech Haball has raised US$52mn in equity and debt as it plans expansion of its SME lending platform to Saudi Arabia later this year.  

Haball operates a shariah-compliant supply chain finance (SCF) platform, Wisaaq, which operates through partnerships with funding banks.  

It has secured a US$5mn equity investment from Pakistani venture capital firm Zayn VC, as well as US$47mn in off-balance sheet “strategic financing” from Meezan Bank.  

Haball founder and chief executive Omer bin Ahsan tells GTR the company plans to establish operations in Saudi Arabia by the end of this year, to tap the kingdom’s deep pools of liquidity and appetite for Islamic finance among borrowers. 

“SME financing and supply chain financing are very nascent over there,” bin Ahsan says. “Fintech disruption still hasn’t arrived in Saudi.” 

The company also has plans to expand into other Gulf markets, possibly from a “beachhead” in Saudi Arabia. The company is still deciding whether to secure its own regulatory licence or partner with an already-regulated entity, bin Ahsan says. 

“Further international expansion into markets across the Middle East and Asia – meeting the needs for Islamic finance – also remains a long-term ambition,” bin Ahsan says in a separate statement.  

Zayn VC founder and managing partner Faisal Aftab says his firm’s investment “aligns with our vision to support innovative financial solutions that have a global impact”.  

“With the [Gulf Co-operation Council] region’s increasing focus on strengthening supply chain ecosystems, we see tremendous potential for Haball to expand its proven model and address critical financing needs.” 

Haball has also been boosted by the State Bank of Pakistani recent deadline for banks to adopt supply chain finance technology, either on their own or through third parties.  

Bin Ahsan says since the regulator’s move, the platform has signed up an additional eight banks, with a further three in the pipeline.  

“The circular did the magic it was intended to do,” he says.  

A 2023 Asian Development Bank study estimated the Pakistani SCF market could be worth US$9bn within three to five years.