Lebanon-based remittance service provider Purpl has gone live on Mambu’s cloud-native banking platform after being successfully licensed as a digital wallet.
The new collaboration opens up more opportunities for the Middle Eastern country’s citizens to send and receive money abroad.
The companies first began working together in June 2022. This partnership has now unlocked more access to stored money and hard currency, as well as online purchasing functionality on mobile devices.
Jean-Marie Khoueir, Co-Founder and COO at Purpl, said: “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.”
With data provided in a public statement, Mambu and Purpl point to an expected surge in digital wallet users to reach more than 4.4 billion by 2025. By further extending their partnership, Mambu can leverage its Software-as-a-Service-based (SaaS) service with that of Purpl’s digital payments technology to mutually future-proof their offering to meet that customer demand.
Miljan Stamenkovic, GM Middle East & Africa at Mambu, added: “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.”
In addition, Purpl currently also integrates Amazon Web Services (AWS) services, including EKS, RDS, Elasticache and Lambda, lessening the time-to-market integration of its digital wallet offering, now with cloud-based support by Mambu, to around six months.
Charlotte Sanderson, Head of Global Technology FSI Partnerships at AWS, concluded: “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.”