Fintech chose cloud banking platform to enable money transfers for 20 million Lebanese at home and abroad
Abu Dhabi, 26 July 2022 — Purpl, a remittance and cash out aggregator combined with a digital wallet for Lebanon, today announced it has selected Mambu to scale operations in the region. Purpl recognised the need for an ecosystem designed to leverage new technologies. Mambu’s cloud platform will underpin the fintech’s offering as it evolves products and services based on customer needs.
Purpl is the technology hub between remittance and cash-out partners, promising low fees on the sender side and no cash-out fees on the beneficiary side. Through the app and Purpl’s remittance partners, users can send and receive money in Lebanon, triggering an SMS alerting beneficiaries of incoming funds. Users then follow a simple sign-up flow, which includes a one-time e-KYC process, before cashing out at a number of locations throughout the country. The startup has plans to expand its partner network to over 800 cash-out points, including 190 ATMs in Lebanon.
Jean-Marie Khoueir, Co-founder and COO of Purpl, said: “We provide the first digital wallet for remittances and cardless ATM withdrawal in USD in Lebanon. In many ways we are already disrupting the financial sector in the country. Our goals are bold, and Mambu’s composable approach is the right fit for our ambitions. We were eager to partner with Mambu as we evolve the remittance sector and support more unbanked and underserved customers in Lebanon and eventually in the Levant region.”
Miljan Stamenkovic, General Manager of Mambu MENA, said: “Neobanks and fintechs are looking for solutions to close that gap where access to finance lags. Purpl is a great example of a startup in the MENA region that has risen to the occasion. Digital wallets have flexible technical capabilities and lower costs of service. This makes them the logical solution for a more inclusive financial future. We look forward to jointly delivering more value to Purpl customers.”
In a second phase, Purpl plans to extend service into the Levant region and kick off a greenfield implementation with Mambu for the launch of its stored value wallet product. This will support payment at merchants via QR code at point of sale and is purpose-built for those seeking easier ways of transacting.
Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 900 employees that support 230 customers in over 65 countries – including Western Union, Commonwealth Bank of Australia, N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank. www.mambu.com
Purpl is the first remittance and cash-out aggregator and API-layered platform for the Levant region allowing for ATM network integration and cardless withdrawal, combined with a digital wallet in Lebanon. Purpl will first focus on the Lebanese market that is the most in need of such a solution given the collapse of the banking sector, high cost and inefficiencies of the current remittance network. By utilizing Purpl’s unparalleled remittance network and fintech solution, consumers and eventually businesses can seamlessly send, receive, and spend at lower costs and better user experience. To learn more: https://purplme.com/.