Purpl partners with Remitly for cost-effective remittances to Lebanon

This partnership will bring financial inclusion and democratisation of remittances to Lebanon, a country that depends on over USD 7 billion 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, as per the press release.

Transferring money without a bank account

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 without a card from ATMs or traditionally over the counter. This is important 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 USD 2.5 million 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.

Executives from Purpl said that they are happy to partner with Remitly to provide alternative remittance routes to Lebanon with a better user experience and at a lower cost. This partnership aligns with their mission to bring financial inclusion to the unbanked and underbanked, and they look forward to working with Remitly to bring this vision to life. Remitly will be announcing more cash out partnerships in the coming months, therefore increasing their footprint across the Lebanese territory and providing more convenience to our users.

Purpl’s partnership with Banque Libano-Française (BLF), a Lebanese bank with international presence, enables BLF to make use of one of the largest ATM networks on the Lebanese territory to provide USD cash out to beneficiaries of these remittances, without a card and bank account and with zero fees.

More information about Purpl

Purpl is the first remittance and cash out aggregator API layered platform allowing for ATM network integration and cardless withdrawal, with a first focus on the Lebanese market that is in need of such a solution given the importance, high cost, and inefficiencies of the current remittance network. By utilising Purpl’s remittance network and fintech solution, consumers and eventually businesses can seamlessly send, receive, and spend at lower costs and better user experience.