LuLu Financial Holdings partners with Purpleplum on SME banking

LuLu Financial Holdings (LFH) has partnered with fintech company Purpleplum to expand digital financial services for small and medium-sized enterprises (SMEs) and businesses in the UAE. The partnership integrates Purpleplum’s core-agnostic financial orchestration platform into LuLu Money Business, LFH’s SME-focused financial services offering.

The first phase of the collaboration focused on expanding banking services for SME and enterprise customers. It brought together digital business accounts issued by Ruya, an Islamic bank licensed by the Central Bank of the UAE, with payments, cards, cross-border remittances, and Wage Protection System (WPS) and payroll services through a single digital platform.

The digital account-opening process was also supported by agentic AI workflows. Thousands of registered business applications were already under review through the platform.

LFH is a financial services group. Through LuLu Money Business, it aimed to expand beyond individual payment and remittance services by offering businesses a wider range of financial products and services through a connected digital ecosystem.

The Purpleplum platform connected existing banking infrastructure, payment networks, financial products and operational workflows to simplify business transactions and financial management.

Purpleplum also planned to strengthen its regional presence over the next 12 to 24 months, with the UAE serving as its regional base. The company aimed to expand partnerships with banks, fintech firms and financial services providers across the Gulf Cooperation Council (GCC) and wider region, while developing its local team and technology partner network.

Adeeb Ahamed, Managing Director of LuLu Financial Holdings, said: “Through our partnership with Purpleplum, we are combining its modular, core-agnostic orchestration platform with our existing infrastructure to modernise how these services are delivered and unlock greater value from established financial rails.”