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iStock 1013438120
iStock 1013438120

Lebanese fintech Purpl launches digital wallet on Mambu




Purpl customers can now use the financial app to send and receive money, and cash out at hundreds of ATMs across the country

Purpl, a remittance and cash out aggregator, today announced its successful go-live on Mambu’s cloud-native banking platform. Having secured its digital wallet licence, Purpl’s new offering will provide Lebanese citizens at home and abroad with seamless ways of transacting.

Purpl began its collaboration with Mambu in June 2022, and the implementation took six months. Customers can now easily access stored money to cash out in hard currency and will soon be able to pay for goods and services, transfer funds or make online purchases from any mobile device.

The appetite for digital wallets is expected to surge with the number of users to surpass 4.4 billion by 2025. Leveraging Mambu’s software-as-a-service (SaaS)-based and API-enabled technology, Purpl can add new functionalities and enhance existing features of its digital wallet to suit evolving customer needs.

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Jean-Marie Khoueir, Co-founder and COO at Purpl: “We are operating in a region with a large number of financially-excluded people, and we exist to bridge this gap. Digital wallets provide a form of electronic money to those who otherwise cannot access traditional bank accounts, which is now the case of more than 80% of the Lebanese population. Underlying all this is a convenience factor and a more efficient and transparent user experience. Mambu enables us to live and breathe the digital- and customer-first model, ensuring that a broader range of users have access to essential financial services.”

Purpl is powered by Mambu and leverages Amazon Web Services (AWS) native services like EKS, RDS, Elasticache, Lambda, which enabled the deployment of the cloud-based digital wallet in just six months. Purpl is one of the first fintechs in the region to benefit from the global partnership between Mambu and AWS, which allows banks and financial institutions to operate from the cloud and enjoy a secure, modern infrastructure with lower operating costs and increased agility.

Charlotte Sanderson, Head of Global Technology FSI Partnerships at AWS: “In our decade-long partnership with Mambu we’ve focused on providing innovative solutions, solving technical challenges, and delivering value to mutual customers. Purpl is a prime example of how this collaboration can change the way financial services are delivered around the world. They have the scale and efficiency needed to make an impact in the region.”

Miljan Stamenkovic, GM Middle East & Africa at Mambu: “We sit at the heart of many neobanks and digital challengers in the Middle East as they scale their businesses and adopt the cloud. Our partnership with Purpl is no different. In the past half year, we went on the journey with them as they sought their digital wallet licence. This quick launch is a testament to all team’s efforts, as well as the strong demand in the market that Purpl is here to serve.”

 

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