UAE-based financial super-app Jingle Pay has received a minority investment from P2P payment platform MoneyGram International, alongside a new partnership.
Together, the companies plan to enable convenient and fast global money transfers through the Jingle Pay app.
Following the deal, consumers in the UAE can use the Jingle Pay app to send money to over 200 countries and territories around the world. This is powered by MoneyGram’s global payment rails and near real-time capabilities.
Alongside the partnership, MoneyGram Chairman and CEO Alex Holmes has joined the Jingle Pay board of directors as chairman. Holmes will help to guide Jingle Pay’s strategic path forward.
Holmes said, “As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy.
“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.”
Jingle Pay stated that it is targeting expats in the region and provides consumers with access to an extensive list of accessible financial services, such as its multi-currency card and money transfer services.
Speaking on the partnership, Jingle Pay founder and CEO Amir Fardghassemi said, “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.”
Earlier in the year, Chicago-based private equity firm Madison Dearborn Partners acquired MoneyGram International in a $1.8bn deal. Alongside the acquisition, Madison will refinance all of MoneyGram’s outstanding debt, which amounts to around $799m, as of the end of December 2021.
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