MoneyGram Acquires 12% Stake in UAE Mobile Payment App Jingle Pay10. October 2022
P2P payments company MoneyGram International and Dubai-based Jingle Pay have entered a partnership to enable consumers in the UAE to send money in near real-time to over 200 countries and territories.
Founded in 2019, Jingle Pay’s mobile payment platform — now powered by MoneyGram’s global payment rails — offers a multi-currency account and card, remittance, nano financing, and money transfer services.
The company says that its service aims to serve the nine million expatriates based in the UAE who constitute approximately 89% of the population.
MoneyGram has also acquired a minority 12% equity stake in Jingle Pay, with MoneyGram Chairman and CEO Alex Holmes joining Jingle Pay’s Board of Directors as Chairman.
“As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy. As the startup continues to grow, MoneyGram’s direct ownership in the company will strengthen our leading position in the Middle East,”
said Alex Holmes, Chairman and CEO of MoneyGram.
“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,”
said Amir Fardghassemi, Founder and CEO of Jingle Pay.
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