Bank Alfalah, one of Pakistan’s leading commercial banks, has made a significant move in the fintech space by acquiring a 9.9% equity stake in Jingle Pay, a rapidly growing fintech company in the MENAP (Middle East, North Africa, Afghanistan, and Pakistan) region.
This acquisition reinforces Bank Alfalah’s commitment to driving digital innovation and expanding financial inclusion in key markets.
Jingle Pay, which has been redefining the fintech landscape with its cutting-edge, AI-powered technology, has already made substantial strides. In 2024 alone, the platform processed over 2 million transactions and facilitated more than $1 billion in international money transfers, saving customers over $6 million in fees. Notably, Jingle Pay was recently awarded the title of the top global fintech for remittances into Pakistan, underscoring its importance in the cross-border payments space.
The company is supported by an impressive roster of investors, including MoneyGram, G42-backed Applied AI, and prominent U.S. venture capital firms known for backing fintech giants like N26 and PayPal. With the backing of these influential investors, Jingle Pay is well-positioned to continue disrupting the industry and expanding its footprint across the MENAP region.
“This acquisition is a milestone in our journey to lead the digital banking revolution,” said Farooq A. Khan, Bank Alfalah’s group head for corporate, investment banking and international business. “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.”
Bank Alfalah’s acquisition and its appointment to Jingle Pay’s Board of Directors signify a powerful partnership aimed at driving growth, innovation, and the evolution of digital banking. The collaboration leverages Bank Alfalah’s extensive infrastructure to expand Jingle Pay’s impact on cross-border payments, furthering its mission to offer seamless and inclusive financial services.
The partnership will also support Jingle Pay’s ambitious plan to launch digital banking services in Pakistan by Q1 2025. The mobile app, designed as a branchless banking solution, will target Pakistan’s largely unbanked population, bringing them closer to accessible and modern financial tools. Bank Alfalah will play a pivotal role in this expansion, leveraging its infrastructure to create synergies in digital banking and cross-border payments, supported by shareholder MoneyGram.
“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,” Amir Fardghassemi, Founder and CEO of Jingle Pay, said.
Jingle Pay’s role in Pakistan’s financial ecosystem is substantial. As the fifth-largest remittance partner for Pakistan, the company drives significant global financial flows, contributing to the country’s GDP. Its plan to establish a local presence in Pakistan will further bolster its ability to facilitate international money transfers, enhancing its cross-border capabilities and solidifying its position as a leader in the remittance industry.
Founded in the UAE, Jingle Pay has quickly become one of the MENAP region’s fastest-growing fintech companies, specializing in cross-border money transfers. Licensed by the Dubai Financial Services Authority (DFSA), Jingle Pay operates in the UAE, Bahrain, and Pakistan, offering a suite of advanced financial services. In addition to its consumer-facing app for card payments and money transfers, Jingle Pay provides Remittance-as-a-Service for financial institutions, enabling seamless global payouts across 150+ corridors and 99+ currencies.
With a legacy spanning over 25 years, Bank Alfalah operates a network of over 1,000 branches across Pakistan and internationally in the UAE, Bahrain, and Afghanistan. The bank has established itself as a premier digital bank in Pakistan, introducing a range of digital banking solutions, including features on its mobile app like Alfamall, Buy Now Pay Later, and Term Deposit Receipts. Additionally, the bank has launched Pakistan’s first digital lifestyle branch, marking its commitment to innovation in the financial sector.