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.

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.

Source: Finance Magnates