Purpl becomes the first startup to participate in Modus’ Venture Builder program in Egypt
Cairo, Egypt – Purpl, a fintech startup that is driving the democratization of cross border remittance flows and enabling financial inclusion, is proud to announce that it is the first company to join Modus’ Venture Builder program in Egypt. In partnership with the United States Agency for International Development (USAID), Modus launched MV Builder II to promote financial and digital inclusion in the Egyptian market, which ranks among the top five in the world in terms of inward remittances, reaching a peak of USD 32 billion in 2022.
Purpl, which was co-founded in September 2021 by three Lebanese nationals: Karl Naim, Jean-Marie Khoueir and Wissam Ghorra, allows users to seamlessly send, receive, and spend money in Lebanon through a customer-centric app.
Purpl’s unique approach to tackling remittances by building an aggregator model powered by APIs, allows unbanked people to make use of banking infrastructure via cardless ATM cash withdrawals. The Purpl app provides immediate and low-cost access to these remittances, differentiating the company from others and allowing the startup to shape the future of digital wallets.
Purpl initially launched activities in Lebanon and is now looking to expand across the Middle East and North Africa (MENA) region. Egypt is the first target market for the startup, and will utilize Modus’ operational support and market expertise to scale and continue its success.
“We are excited to partner with Modus and be a part of MV Builder II to support financial inclusion in Egypt,” said Karl Naim, Co-Founder and CEO of Purpl. “Our goal is to make basic financial services more accessible to everyone, and we believe that our innovative technology and approach can play a significant role in achieving that goal.”
“We are thrilled to have Purpl join our Venture Builder,” said Simon Tkachenko, Partner at Modus. “Purpl’s innovative approach to tackling remittances in the region and improving access to basic financial services aligns with MV Builder II’s mission of driving financial and digital inclusion in Egypt. We look forward to supporting Purpl as they expand in the Egyptian market and beyond.”