Purpl join forces with Remitly to bring affordable and innovative remittances to Lebanon

Purpl join forces with Remitly to bring affordable and innovative remittances to Lebanon

Beirut, Lebanon – Purpl, a digital wallet and aggregator of remittance and cash out partners incorporated in Beirut, Lebanon and in Abu Dhabi, announced today a partnership with Remitly, a leading digital financial services provider for immigrants and their families, to enable remittances to Lebanon with a better user experience and at a lower cost than traditional brick and mortar money transfer companies. This partnership will bring much-needed financial inclusion and democratization of remittances to Lebanon, a country that depends on over $7BN 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.

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 cardlessly from ATMs or traditionally over the counter. This is crucial 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