Fintech company Purpleplum, originally established in
India, has officially restructured as a U.S.-based company in a bid for global
scale, product innovation, and broader capital access.
The company’s move aims to align with growing demand
from financial institutions across North America, Latin America, Europe, and
MENA. With a modular, AI-enabled digital banking stack, Purpleplum plans to
deepen its international footprint while preparing for a capital raise aimed at
speeding up product development and expanding its local teams and partner
ecosystem.
Scaling and Global Reach
The company has reportedly integrated with Zenus Bank,
Tuum, and a growing network of banks. Zenus Bank reportedly leverages core
banking technology from Tuum and digital front-end solutions from Purpleplum. The bank offers embedded accounts, virtual cards, and
cross-border payments to financial institutions worldwide.
Purpleplum’s platform supports a range of use cases, from
virtual IBANs and card issuance to omnichannel digital banking apps. Its
technology reportedly processed more than $20 billion in transactions in 2024
and now supports over one million active users.
The company offers more than 70 modular components and
450 APIs, positioning it as a highly customizable platform for financial
institutions of all sizes.
“Transitioning to a U.S.-based company is more than a
structural change; it’s a strategic move to meet the rising demand from
financial institutions seeking next-generation digital infrastructure,” commented
Kalyan Karteek, the Co-Founder of Purpleplum.
“This transformation enables us to attract strategic
investors, scale our teams locally, and deepen our footprint across high-growth
financial markets.”
Capital Raise Market Expansion
Purpleplum is now preparing to raise new funds to
scale its onboarding capabilities, expand its regional teams, and enhance its
partnerships with card issuers and core processors. The upcoming investment
round aims to reduce the friction financial institutions often face when
launching new services, while helping Purpleplum add new capabilities to its
modular banking stack.
To support its growth, Purpleplum has appointed
fintech veteran Tigran Tovmasyan to lead sales and strategic partnerships
across its key markets. Tovmasyan’s appointment is part of a broader effort to
solidify the company’s leadership team as it accelerates into high-growth
regions.
Expect ongoing updates as this story evolves.
Fintech company Purpleplum, originally established in
India, has officially restructured as a U.S.-based company in a bid for global
scale, product innovation, and broader capital access.
The company’s move aims to align with growing demand
from financial institutions across North America, Latin America, Europe, and
MENA. With a modular, AI-enabled digital banking stack, Purpleplum plans to
deepen its international footprint while preparing for a capital raise aimed at
speeding up product development and expanding its local teams and partner
ecosystem.
Scaling and Global Reach
The company has reportedly integrated with Zenus Bank,
Tuum, and a growing network of banks. Zenus Bank reportedly leverages core
banking technology from Tuum and digital front-end solutions from Purpleplum. The bank offers embedded accounts, virtual cards, and
cross-border payments to financial institutions worldwide.
Purpleplum’s platform supports a range of use cases, from
virtual IBANs and card issuance to omnichannel digital banking apps. Its
technology reportedly processed more than $20 billion in transactions in 2024
and now supports over one million active users.
The company offers more than 70 modular components and
450 APIs, positioning it as a highly customizable platform for financial
institutions of all sizes.
“Transitioning to a U.S.-based company is more than a
structural change; it’s a strategic move to meet the rising demand from
financial institutions seeking next-generation digital infrastructure,” commented
Kalyan Karteek, the Co-Founder of Purpleplum.
“This transformation enables us to attract strategic
investors, scale our teams locally, and deepen our footprint across high-growth
financial markets.”
Capital Raise Market Expansion
Purpleplum is now preparing to raise new funds to
scale its onboarding capabilities, expand its regional teams, and enhance its
partnerships with card issuers and core processors. The upcoming investment
round aims to reduce the friction financial institutions often face when
launching new services, while helping Purpleplum add new capabilities to its
modular banking stack.
To support its growth, Purpleplum has appointed
fintech veteran Tigran Tovmasyan to lead sales and strategic partnerships
across its key markets. Tovmasyan’s appointment is part of a broader effort to
solidify the company’s leadership team as it accelerates into high-growth
regions.
Expect ongoing updates as this story evolves.
This post is originally published on FINANCEMAGNATES.
