Jazari provides a mobile‑first platform that combines electronic money accounts, Visa‑backed physical and virtual cards, and cross‑border remittance services. Users can top up their balance instantly, send money abroad with zero fees, and defer repayment up to 30 days, while earning cashback on card spend. The business generates revenue through interchange fees on card transactions and spreads on foreign‑exchange rates, offering competitive rates and fee‑free transfers to supported countries.
Funding
Funding not disclosed
Founders
Product
Problem
Migrant workers often face challenges in accessing affordable and reliable financial services, particularly when sending money to their families back home. Many lack credit history or sufficient funds for immediate transfers, creating a need for flexible remittance options.
Solution
Jazari provides a digital banking platform tailored for migrant workers, offering secure accounts and a "Remit Now, Pay Later" service. This enables users to send money internationally, even when they don't have the full amount available upfront, with options to split payments into installments. Jazari partners with financial institutions like Visa and Faysal Bank to provide competitive exchange rates and streamline cross-border payments to over 170 countries. The platform utilizes AI and machine learning-based credit scoring to assess risk and offer instant credit for remittances. Jazari also offers a debit card with cashback rewards and fee-free transfers within the Jazari ecosystem.
Target Audience
Jazari primarily targets migrant workers in the UK and Europe who need affordable and flexible options for sending money to their families internationally, particularly those with limited access to traditional credit or banking services.
Features
- "Remit Now, Pay Later" service allowing users to send money without immediate payment
- Installment payment options (3, 6, or 9 months) for repayment of borrowed funds
- Digital accounts with IBAN enabled for receiving money at no cost to the sender
- Access to a remittance marketplace with competitive FX rates
- AI and machine learning-based credit scoring for instant credit decisions
- Visa-enabled physical and virtual debit cards with 1% cashback on purchases
- Fee-free transfers between Jazari accounts in select corridors
- Integration with Visa Direct for real-time, cross-border payments
- 24/7 in-app chat support
- Sharia-compliant financial services