Pakistan fintech PostEx raises $7.3m in funding. Source: Shutterstock.com

Bank Alfalah, a commercial bank in Pakistan with a network of over 1,000 branches, has announced its acquisition of a 9.9% equity stake in Jingle Pay, a fast-growing fintech in the MENAP region.

Jingle Pay has redefined the fintech space with its proprietary AI-powered tech stack already processing over 2 million transactions and facilitating over $1bn in international money transfers in 2024, saving customers over $6m in fees.

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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 US venture capital firms known for backing global fintech giants like N26 and PayPal, Jingle Pay continues to disrupt the industry.

This collaboration leverages Bank Alfalah’s extensive infrastructure to amplify Jingle Pay’s impact on cross-border payments and digital banking, advancing its ambitious vision for the MENAP region.

Jingle Pay provides services, including multi-currency accounts, instant money transfers via the world’s first remittance marketplace, card payments, and last-mile payouts across 150+ corridors in 99+ currencies.

Jingle Pay plans to launch its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app targeting to bring seamless and inclusive financial services to the country’s largely unbanked population.

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Jingle Pay will leverage Bank Alfalah’s infrastructure to bring seamless banking solutions to millions of customers

The partnership will create synergies in cross-border payments strengthened by shareholder MoneyGram.

As Pakistan’s 5th largest remittance partner, Jingle Pay plays a crucial role in driving global financial flows that contribute significantly to the country’s GDP. Establishing local presence in Pakistan will strengthen its partnership and cross-border capabilities, further cementing Jingle Pay’s position in the remittance ecosystem.

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