LuLu Financial Holdings has partnered with fintech infrastructure provider Purpleplum to launch digital banking services for UAE small and medium enterprises. The UAE market includes about 1.33 million SMEs. The new LuLu Money Business offer will combine ruya business accounts with payments, cards, cross-border remittances, and payroll tools.
What the launch includes
The first phase delivers digital business accounts issued by ruya. Businesses also gain card, remittance, and WPS payroll services through one digital experience. Account opening runs on agentic AI workflows, and thousands of applications are under review.
UAE business reach
LuLu Exchange already supports a wide network of businesses and employees across the UAE. Its WPS and salary administration services are established in the market. SMEs represent nearly 95% of UAE companies and contribute 63% of GDP.
Planned financial tools
LuLu Money Business plans to add working-capital lending and invoice or trade financing. It also aims to offer corporate credit, receivables management, payables management, and accounting automation. Additional banking and treasury services are on the longer-term roadmap.
Purpleplum will use the UAE as its regional base over the next 12 to 24 months. It plans to expand partnerships across the GCC and grow its local team. LuLu Financial Holdings may later extend LuLu Money Business to the GCC, India, and Asia-Pacific, subject to local rules.