We are thrilled to announce that we are joining the Hub71 community after being selected amongst 16 startups out of the 250 that applied.
Hub71, the thriving global tech ecosystem in the heart of Abu Dhabi that brings together key enablers for startup success, is expanding market access for global founders to join and partner with Abu Dhabi’s rapidly growing tech ecosystem, which is now ranked among the world’s top 10 startup ecosystems by Startup Genome.
Karl Naïm, co-founder & CEO of Purpl, said, “We’re honored to have been selected by Hub71 and thank the team for the support they’ve extended to us in these difficult times for the Lebanese tech eco-system. We know that we are just getting started, but we see that as a recognition of the passion we have for what we’re building at Purpl.”
By launching Lebanon’s first remittance and cash out aggregator, we are breaking a monopoly on $7BN in yearly remittances that have made us the world’s 5th most expensive inward remittance country, at a time when more than 80% of the Lebanese population lives in poverty and relies heavily on remittances from close and distant family members abroad to buy basic necessities like food and medicine. This model will allow us to first offer cash out in USD and then store and spend value in both USD and LBP via our soon-to-be-obtained digital wallet license in Lebanon.
Why is this Important for Purpl?
Abu Dhabi has placed itself at the forefront of fintech regulations, welcoming and empowering fintech entrepreneurs.
To begin with, operating from ADGM Square in Abu Dhabi is key for Purpl’s regional expansion as the GCC accounts for 40% of all remittances received in Lebanon.
Second, the UAE is home to some of the region’s leading fintech, with multiple established international players opening their offices in the country. Operating from Abu Dhabi will bring Purpl closer to its customers, tech startups, and payment innovators looking for various types of innovative payment solutions. But most importantly, it will enable Purpl to work closely with ADGM’s Financial Services Regulatory Authority to make progress toward becoming a fully licensed and regulated fintech serving Lebanon and the MENA region.
With Purpl, sending, receiving and spending now have a new meaning, and “Purpl me” should be as simple as 1, 2, 3.
Written by: Rim Ghandour