- UAE-based fintech Jingle Pay has raised an unknown amount of investment from US firm MoneyGram International, Inc., for a 12 per cent equity stake.
- The new partnership will offer global money transfers through the Jingle Pay app, where consumers in the UAE can use the Jingle Pay app – powered by MoneyGram's global payment rails and near real-time capabilities – to send money internationally.
- Founded in 2017 by Amir Fardghassemi, Jingle Pay allows its users to store, spend, and send money to 160+ countries, in 99+ currencies. It has a presence in the UAE, Bahrain, Pakistan and Egypt.
MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, and Jingle Pay, a financial super-app based in the United Arab Emirates (UAE), today announced a partnership to enable convenient and fast global money transfers through the Jingle Pay app. Consumers in the UAE can use the Jingle Pay app – powered by MoneyGram's global payment rails and near real-time capabilities – to send money to over 200 countries and territories around the world.
MoneyGram has also announced the completion of a minority investment in Jingle Pay, giving MoneyGram an approximate 12% equity stake in Jingle Pay. Alex Holmes, MoneyGram Chairman and CEO, has joined the Jingle Pay Board of Directors as Chairman to help guide Jingle Pay's strategic path forward.
"As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy," said Holmes. "We're excited to partner with Jingle Pay, as we believe in their strategic vision to improve the key elements of traditional banking through its suite of innovative digital offerings. As the startup continues to grow, MoneyGram's direct ownership in the company will strengthen our leading position in the Middle East and further accelerate our strategic goals to lead the evolution of digital payments."
As a global trade hub, the UAE hosts nearly 9 million expatriates, constituting approximately 89% of the population and making the country a powerhouse for outbound remittances.1 With a focus on financial inclusion, Jingle Pay is targeting expats in the region and providing consumers with access to an extensive list of accessible financial services, such as its multi-currency card and money transfer services.
"Jingle Pay is the super-app transforming the daily financial lives of consumers seeking accessible, instant and innovative money services," said Amir Fardghassemi, Founder and CEO of Jingle Pay. "Our partnership with MoneyGram extends our network of global remittance destinations and allows us to tap MoneyGram's remittance clearing expertise. It gives our users global coverage and cost-effective rates. At Jingle Pay, we are committed to reinventing how people store, spend and send money while furthering financial inclusion and low-cost remittance corridors."
The Jingle Pay app is now live in the UAE.