Mastercard partners with Jeel to support innovation in Saudi Arabia

This collaboration will target non-banking financial institutions (NBFIs) across various market segments, offering access to digital services such as Mastercard's Card-as-a-Service (CaaS) and Bank-as-a-Fintech (BaaF) propositions. 

The partnership aims to provide these services quickly and efficiently, with flexible pricing models, such as pay-as-you-grow subscriptions. The goal is to make these offerings accessible in a matter of weeks, rather than months. According to officials from Jeel, the collaboration will help Jeel continue its technological development, contributing to the growth of digital solutions in Saudi Arabia.

Expansion of digital financial services

Representatives from Mastercard, highlighted that the partnership is part of Mastercard’s plan to develop digital infrastructure and ecosystems in Saudi Arabia. They emphasised the commitment to creating platforms and services that meet consumer needs and contribute to the country's digital economy. 

The collaboration is expected to benefit a wide range of stakeholders, including fintech companies, which will experience faster time to market through solutions that address challenges related to BIN sponsorship and access to Mastercard’s digital-first issuing assets. According to the official announcement, consumers will also benefit from a wider selection of digital financial products. 

In essence, this partnership aims to streamline the introduction of innovative products to the market, enabling non-banking financial institutions to offer more competitive and accessible services. 

In June 2024, Jeel received a seven-figure USD investment from RZM Investment and a group of angel investors. The funding supported Jeel’s efforts to expand its operations, improve its services, and strengthen its presence in the Saudi and Gulf markets. 

The company expressed its intention to leverage this funding to enhance its offerings in the business-to-business (B2B) and business-to-government (B2G) sectors, targeting institutions and governments with tailored digital content solutions. Jeel also planned to use part of the investment to introduce additional language options to its app, aiming to attract a broader audience across Arab countries.