Lebanese fintech Purpl launches digital wallet on Mambu
Purpl, a remittance and payout aggregator, today announced its successful live launch on Mambu’s cloud-based banking platform.
Having secured its digital wallet license, Purpl’s new offering will provide Lebanese citizens at home and abroad with seamless ways to transact.
Purpl started the collaboration with Mambu in June 2022, and the implementation took six months. Customers can now easily access stored funds to cash out in hard currency and will soon be able to pay for goods and services, transfer money or make online purchases from any mobile device.
The appetite for digital wallets is expected to increase with the number of users to exceed 4.4 billion by 2025. Leveraging Mambu’s software-as-a-service (SaaS)-based and API-enabled technology, Purpl can add new features and improve existing functions of its digital wallet to meet customer needs.
Jean-Marie Khoueir, co-founder and COO of Purpl: “We operate in a region with a large number of economically excluded people, and we exist to bridge this gap. Digital wallets provide a form of electronic money to those who cannot otherwise access traditional bank accounts, which is now the case for more than 80% of the Lebanese population. At the root of 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 wider range of users have access to essential financial services.”
Powered by Mambu, Purpl leverages Amazon Web Services (AWS) native services such as 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 in AWS: “In our decade-long partnership with Mambu, we have focused on offering innovative solutions, solving technical challenges and delivering value to mutual customers. Purpl is a good 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 and 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 collaboration with Purpl is no different. In the last six months, we went on the journey with them as they applied for their digital wallet license. This rapid launch is a testament to all the team’s efforts, as well as the strong demand in the market that Purpl is here to serve.”