LuLu Financial Holdings partners with Purpleplum to expand SME banking

By Divya Shah

Why this matters: The partnership shows how modular banking infrastructure and AI can simplify SME banking, connect financial services and accelerate digital product innovation.

LuLu Financial Holdings (LFH), a financial services group, has partnered with financial technology 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 platform connected existing banking infrastructure, payment networks, financial products and operational workflows to simplify business transactions and financial management. 

Adeeb Ahamed, Managing Director, 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.” 

Ahamed further said, “This gives us the flexibility to introduce new capabilities over time, deepen our financial relationships with businesses and expand what LuLu Money Business can offer as their needs evolve.” 

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. 

Through LuLu Money Business, LFH 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. 

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. 

Kalyan Karteek Sadasivuni, Co-founder and Managing Director of Purpleplum, said the company viewed AI as an important part of how financial institutions would operate and deliver services.  

He added that Purpleplum aimed to become a long-term technology and infrastructure partner for regional banks, FinTech companies and enterprises. 

The company also planned to continue investing in its AI-native banking infrastructure, with AI capabilities supporting customer onboarding, servicing, operations, compliance, payments and financial decision-making.