Fintech Startup Purple Launches New Banking Offering For Entrepreneurs

Business owners encouraged to rethink relationship with their accountant and bank


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Looking to streamline the relationship between entrepreneurs and their accountants and banks, fintech startup Purple has launched the beta phase of their engagement model which seeks to disrupt traditional banking for business owners. 

They are aiming to free entrepreneurs from red tape and paperwork, and to end the frustrations faced by accountants such as long lead times in accessing crucial information or having to wait in a call centre queue to get queries resolved. 

Purple allows entrepreneurs to give their accountants direct access to bank statements and documentation including; Fica, Confirmation of Bank Details, Letter of Good Standing, and tax certificates such as IT3B and IT3C. 

Purple is a Standard Bank startup and their offering is the latest in the bank's ongoing efforts to attract entrepreneurs.

In a press release, Warren Bond, head of Purple says the model is the result of their extensive research into the business needs that entrepreneurs have. 

"We spoke to accountants and entrepreneurs about their pain points and used these insights to shape the Purple proposition. One of the most significant findings was that the needs of accountants had to be met," says Bond. 

Purple is currently looking for early adopters; find out more about what they are offering and if you are a candidate for their beta phase. 

Who Is It For?
Any entrepreneur wanting to join Purple must have an accountant. This is a prerequisite to being accepted as an early adopter. Accountants are also invited to recommend clients. 

Costs
A fixed fee will be charged on a monthly basis for Purple services. The exact amount will be announced once the platform is out of beta.

Benefits
For Accountants
A "Power of Accountant" (POA) mandate, so that accountants can request information on their client’s behalf and receive it speedily and with less of the red tape they are normally faced with. They will also have access to Purple's customer service centre, Delightful Service Arena (DSA), which specialises in supporting accountants.

For Entrepreneurs
24-hour access to a DSA, available on phone, email or WhatsApp. Access to funding instruments available. 

Perks?


The Purple onboarding pack. 
Image Supplied

Purple clients get airport lounge access to Standard Bank lounges at OR Tambo International Airport’s domestic departures. Each client also receives a purple card that identifies them as an entrepreneur. 

As part of their onboarding pack, entrepreneurs will receive a free book, based on their preferences. 

How To Join
Interested entrepreneurs or accountants can send an email to hello@teampurple.co.za.

  • This article has been updated to accurately reflect the relationship between Purple and Standard Bank. 
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