UAE fintech Jingle Pay receives investment from Bank Alfalah for 9.9% stake
With more than 1,000 branches, Bank Alfalah is one of Pakistan’s top commercial banks. It recently announced that it has acquired a 9.9% equity stake in Jingle Pay, one of the MENAP region’s fastest-growing fintechs. The Bank’s dedication to promoting financial inclusion and digital transformation in important markets is demonstrated by its fintech investment.
With its in-house AI-powered tech stack, Jingle Pay has completely redesigned the fintech industry. As of 2024, it has processed over 2 million transactions and enabled over $1 billion in international money transfers, saving users over $6 million in fees. Recently, Jingle Pay was named the best international fintech for sending money to Pakistan.
With backing from notable U.S. venture capital firms that have backed international fintech behemoths like N26 and PayPal, as well as prestigious investors like MoneyGram and G42-backed Applied AI, Jingle Pay has cemented its position as a high-growth fintech leader in the MENAP region. The appointment of Bank Alfalah to Jingle Pay’s board and its equity investment indicate a strong collaboration aimed at promoting innovation and growth. Through this partnership, Jingle Pay’s impact on digital banking and cross-border payments is amplified, furthering Bank Alfalah’s ambitious vision for the MENAP region.
Among the cutting-edge services offered by Jingle Pay are multi-currency accounts, instant money transfers through the first remittance marketplace in history, card payments, and last-mile payouts in more than 150 corridors and 99 different currencies.
Furthermore, banks, FinTechs, and non-financial institutions can facilitate smooth international money transfers with its Remittance-as-a-Service solution.
In order to provide smooth and inclusive financial services to the majority of the unbanked population in Pakistan, Jingle Pay intends to introduce its digital banking services as a branchless banking mobile app in Q1 2025. To provide millions of consumers with seamless banking solutions, Jingle Pay will make use of Bank Alfalah’s infrastructure. MoneyGram, a shareholder in the partnership, will strengthen cross-border payment synergies.
Jingle Pay, the fifth-largest remittance partner in Pakistan, is essential to the global financial flows that greatly boost the GDP of the nation. Jingle Pay’s position as a leader in the remittance ecosystem will be further cemented by establishing a local presence in Pakistan, which will enhance its partnership and cross-border capabilities.
Farooq A. Khan, Group Head, Corporate, Investment Banking and International Business of Bank Alfalah, emphasised: “This acquisition is a milestone in our journey to lead the digital banking revolution. By combining Jingle Pay’s innovative platform with Bank Alfalah’s resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users.”
Amir Fardghassemi, Founder and CEO of Jingle Pay, said: “Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance. Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
Additionally, by strengthening its position as a leader in cross-border financial flows and providing customers in the MENAP region and beyond with unmatched value, the partnership expands Bank Alfalah’s role in the global payments ecosystem.
