Jingle Pay to launch in Pakistan as Bank Alfalah acquires 9.9% stake - : Fintech news
Summary
Dubai-based digital banking fintech Jingle Pay is preparing to launch in Pakistan this year after Bank Alfalah acquired a 9.9% equity stake in the company.Founded in 2019 and launched in the UAE a year later, Jingle Pay provides multi-currency accounts, payment cards, peer-to-peer payments, and a remittance marketplace through an app-based offering targeting millennial and Gen Z consumers.Backed by an investor base including MoneyGram and AppliedAI, Jingle Pay claims to have processed over two million transactions in 2024 while facilitating over $1 billion in international money transfers across more than 150 payment corridors.The start-up will leverage its branchless banking approach, alongside Bank Alfalahs infrastructure, to launch digital banking services in Pakistan in Q1 2025, with a focus on reaching the countrys unbanked demographic.As part of the equity investment, the Karachi-headquartered commercial bank will join Jingle Pays board, although a designated appointment has not yet been announced.In a similar deal, Bank Alfalah, with a network of over 1,000 branches across 200 cities, invested $1.7 million in Pakistani buy now, pay later (BNPL) fintech QistBazaar in May 2023, acquiring a 7.2% equity stake.