MICROCAPITAL BRIEF: Purpl Launches Remittances, Digital Wallets in Lebanon; Partners with Banque Libano-Française, Paysend

Purpl, a financial technology (fintech) firm with offices in Lebanon and UAE, recently launched its app, which allows customers in Lebanon to use their phones to make electronic payments and receive money from individuals abroad. Through the firm’s partnership with UK-based Paysend, Purpl customers can receive payments from approximately 170 countries without need for a bank account. Purpl also signed an agreement with Banque Libano-Française (BLF), a Lebanese bank, allowing Purpl customers to take out cash via the bank’s 175 automated teller machines (ATMs).

Karl Naim, co-founder and CEO at Purpl, said, “We know that today’s majority of Lebanese consumers’ lifeline is the remittances they receive from their loved ones abroad, yet the cost of these remittances keep on increasing and the user experience keeps on deteriorating. We’re delighted to partner with the likes of Paysend and BLF, leverage on their understanding of the market and to serve customers and expand their options across multiple remittance and cash-out partners.”

Launched in 2021, Purpl is active in Lebanon, has back-office operations in UAE and is in the process of expanding to Egypt.

Established in 1967, Banque Libano-Française operates 44 branches and reports USD 12 billion in total assets as of March 2023.

Paysend was launched in 2017 and serves approximately 6 million customers.

By Ben Barba, Research Associate

Sources and Additional Resources

Purpl press release
https://purplme.com/news/purpl-launches-its-mission-to-democratize-remittances-and-empower-financial-inclusion-in-lebanon/

Purpl webpage
https://purplme.com

BLF webpage
https://www.eblf.com

Paysend homepage
https://paysend.com

Purpl Google Play download
https://play.google.com/store/apps/details?id=com.purplme.purplapp&gl=US&pli=1

Purpl App Store download
https://apps.apple.com/lr/app/purpl-me/id1604057044

Did you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at /products-page/.