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Lulu Exchange

“Can a GCC remittance-and-exchange operator become the embedded financial services layer for the UAE's 5M+ expatriate workforce by stacking BaaS, EWA, card issuing, and WPS payroll onto its existing trust and branch network?”

Founded2011
HQAbu Dhabi, UAE
IndustryFintech / Cross-border payments
The story

Founded as a remittance and currency-exchange operator within the LuLu retail conglomerate, LuLu Exchange has progressively broadened its mandate from branch-based money transfers into a digital financial services platform. The LuLu Money app extended reach to 170+ countries. From 2024-2025, the company layered in card issuing (Magnati dWallet), BaaS for SMEs (ruya), earned wage access (ABHI), and zero-balance IBAN accounts (Huru), positioning itself as an embedded financial services hub for the large UAE expatriate workforce.

Last 12 months
2025-05
2025-11
2025-12
2025-12
Product timeline
2011
LuLu Exchange Oman incorporated as part of the LuLu Financial Holdings conglomerate.· pivot
2018
Bahrain entity (LuLu International Exchange BSC (C)) issues formal AML/Data Privacy policies, signalling regulated expansion across GCC.· banking
2021
Partnership with TerraPay to power real-time cross-border transfers from UAE to 170+ countries via the LuLu Money app.· banking
2024
Partnership with Magnati to facilitate dWallet card programme for customers.· card
2025
Partnership with ABHI Middle East to offer Earned Wage Access and Send Now Pay Later remittance to UAE expatriate workers.· lending
2025
Partnership with ruya Community Islamic Bank to deliver Shari'a-compliant BaaS digital banking for Lulu's SME customers.· banking
2025
Partnership with Huru to offer zero-balance IBAN accounts to unbanked/underbanked workers via WPS integration.· banking
Regulated entities
3
regulatory licences held by Lulu Exchange
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Lulu Exchange’s embedded-finance stack
Payments / PSP
Magnati (dWallet card programme)TerraPay
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: significant
6 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.