Bank Alfalah Acquires 9.9% Stake in Jingle Pay

Describing Jingle Pay as “one of the fastest growing fintechs in the MENAP region,” Bank Alfalah said the investment highlights “its commitment to driving digital transformation.”

Jingle Pay, well-known for its AI-powered tech stack, processed over 2 million transactions and facilitated more than $1 billion in international money transfers in 2024, saving customers over $6 million in fees. 

The company was recently recognised as the top global fintech for remittances into Pakistan.

“Jingle Pay has solidified its position as a high-growth fintech leader in the MENAP region, supported by prestigious investors, including MoneyGram, G42-backed Applied AI, and prominent U.S. venture capital firms known for backing global fintech giants like N26 and PayPal, Jingle Pay continues to disrupt the industry,” said Bank Alfalah.

The strategic partnership will see the bank leverage its extensive infrastructure to bolster Jingle Pay’s cross-border payment services and digital banking offerings. 

Jingle Pay plans to launch branchless digital banking in Pakistan by Q1 2025, aiming to provide financial services to the country’s largely unbanked population.

Farooq Khan, Group Head at Bank Alfalah, described the acquisition as a pivotal step in leading the “digital banking revolution,” aiming to redefine cross-border financial services. 

Amir Fardghassemi, 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.”

Jingle Pay’s services include multi-currency accounts, instant money transfers, and a remittance marketplace.