Purple
“Can an underserved-community neobank — targeting people with disabilities and ABLE-account holders — build a durable financial services franchise?”
Founded2023
HQRaleigh, North Carolina, United States
Latest roundFunding Round, 2024-03
IndustryFintech / Neobank
The story
Purple Financial is a 2023-founded fintech focused on providing banking services for people with disabilities, notably ABLE savings accounts that allow users to save for eligible expenses while remaining eligible for federal benefits. Product bundles a deposit account, debit card, and EBT account management via a partner bank (OMB Bank).
Last 12 months
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Product timeline
2023
Purple Financial founded to provide banking services for people with disabilities.· banking
2024
First disclosed funding round.· funding
The stack
1 layer disclosed in Purple’s embedded-finance stack
Sponsor bank
Accounting gap: none