Cairo, Egypt – Purpl, a fintech startup that is driving the democratization of cross border remittance flows and enabling financial inclusion, is proud to announce that it is the first company to join Modus’ Venture Builder program in Egypt.
When the founders of Purpl launched their remittance start-up in Lebanon last year, their aim was to solve an increasingly difficult — and expensive — challenge for millions of Lebanese people living abroad: sending money home to friends and family after the collapse of the country’s banking sector.
Purpl recognised the need for an ecosystem designed to leverage new technologies. Mambu’s cloud platform will underpin the fintech’s offering as it evolves products and services based on customer needs. Purpl is the technology hub between remittance and cash-out partners, promising low fees on the sender side and no cash-out fees on the beneficiary side.
The new cohort of startups, which include fintech, healthtech, edtech firms, have already collectively raised more than $62.8 million in funding
in Lebanon