PHOTO
Hand of businessman using smart phone with coin icon, Online transaction, fintech business, Internet investment e-Commerce concept. Image used for illustrative purpose, Getty Images
Pakistan start-up Haball, a provider of Shariah-compliant financing to SMEs and multinationals, has secured $52 million in funding to support its expansion into the GCC region.
The supply chain financing and payments fintech, which is set to enter Saudi Arabia this year and is looking at other markets like the UAE and Qatar, raised the capital in a pre-Series A round comprising equity investment and bank financing.
The $5 million equity component was led by Zayn VC, a venture capital firm in Pakistan, with participation from private investors in Saudi Arabia, Majlis Advisory SPV, angel investors and a business conglomerate.
The financing component, valued at $47 million, was provided by Pakistan’s Islamic lender Meezan Bank Limited.
“The proceeds will support Haball in consolidating its market leadership in Pakistan and drive a targeted expansion into the GCC,” the company said.
The company is scheduled to open a regional office in Saudi Arabia in 2025. It is also exploring other markets in the Middle East, as well as Asia.
(Writing by Cleofe Maceda; editing by Seban Scaria )
