“Can an underserved-community neobank — targeting people with disabilities and ABLE-account holders — build a durable financial services franchise?”
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).
Purple discloses OMB Bank as its sponsor bank, according to the Embedded Finance Index 2026.
Purple does not disclose a bank charter of its own; its banking services are provided through OMB Bank.
Purple is founded in 2023 and headquartered in Raleigh, North Carolina, United States.
Get a read on where your own stack stands against Purple and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.