Pakistani commercial bank Bank Alfalah has purchased a small stake in Jingle Pay, a fintech focused on the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region.
The bank has bought a 9.9% stake in Jingle Pay, highlighting the company as one of the ‘fastest growing fintechs’ in the region. Jingle Pay uses an AI-backed tech stack and its activities cover multicurrency accounts, instant and card payments, and last-mile payouts.
Bank Alfalah’s investment in Jingle Pay comes ahead of the company launching its digital banking services in Pakistan, planned this quarter. The firm will utilise Bank Alfalah’s infrastructure to roll out its payments services in the South Asian country.
“This acquisition is a milestone in our journey to lead the digital banking revolution,” said Farooq A. Khan, Group Head – Corporate, Investment Banking and International Business of Bank Alfalah.
“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.”
The bank’s investment in Jingle Pay shows that the investment landscape in payments will remain active in 2025. The takeover follows Mastercard and Visa closing acquisitions in December 2024 and TransUnion making a major UK purchase last week.
Additionally, the deal also shows how much the MENA region, and the Middle East in particular, is growing in value as a centre for international fintech. The UAE, where Jingle Pay is located, is a particularly notable growing market, with the government actively encouraging financial services’ expansion.
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.”