Purpl, a digital wallet and aggregator of remittance and cash out partners incorporated in Beirut, Lebanon and in Abu Dhabi, announced today a partnership with Remitly, a leading digital financial services provider for immigrants and their families, to enable remittances to Lebanon with a better user experience and at a lower cost than traditional brick and mortar money transfer companies.
This partnership will bring much-needed financial inclusion and democratization of remittances to Lebanon, a country that depends on over $7BN a year of remittance flows and has become the 5th most expensive country to send money to, especially in light of the recent 98% devaluation of the Lebanese Pound.
With this partnership, Remitly customers will be able to send remittances to beneficiaries in Lebanon who can then cash out or spend the funds digitally via Purpl. This eliminates the need for beneficiaries to have a bank account, and they can easily withdraw funds cardlessly from ATMs or traditionally over the counter. This is crucial in a time where the local currency has been officially devaluated by 98%, providing a lifeline to beneficiaries who may opt to receive these funds in USD and with zero cash out fees (when other traditional service providers impose a cash out fee).
Since its inception in September 2021, Purple has raised $2.5M in funding, grown to a team of 16 people, signed partnerships with multiple remittance and cash out partners and is about to launch digital wallet features to complement cash out availability.
"We are delighted to partner with Remitly to provide much needed alternative remittance routes to Lebanon with a better user experience and at a lower cost," said Karl Naïm, co-founder & CEO of Purpl. "This partnership aligns with our mission to bring financial inclusion to the unbanked and underbanked, and we look forward to working with Remitly to bring this vision to life."
“We will be announcing more cash out partnerships in the coming months, therefore increasing our footprint across the Lebanese territory and providing more convenience to our users”.
Purpl’s partnership with Banque Libano-Française (BLF), a leading Lebanese bank with international presence, enables BLF to make use of the largest ATM network on the Lebanese territory to provide USD cash out to beneficiaries of these remittances, without a card and bank account and with zero fees
"Banque Libano-Française started working with Purpl because we were aligned on common values and both keen to support the Lebanese economy by making its $7bn remittance landscape more accessible and efficient. In line with our long-standing CSR financial inclusion strategy, we were happy to partner with such an agile fintech player to create a self-sustaining eco-system for the benefit of the end consumer, notably the unbanked population. In a nutshell, sealing our partnership with Purpl and Remitly was a win for the entire industry!", says BLF Assistant General Manager and Head of Marketing, Digital & Retail, Ronald Zirka.