Purple provides banking services specifically designed for individuals receiving SSI or SSDI benefits. The platform incorporates automated monitoring and spending controls to help users stay within strict asset and income limits, mitigating the risk of benefit disruption. This fintech solution offers features like early benefit access and guided setup aligned with SSA requirements for safer money management.
Funding
$60K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Individuals with disabilities often face challenges managing their finances while maintaining eligibility for essential benefits programs like SSI and SNAP, due to strict asset and income limits. Traditional banking solutions may not offer the specific tools needed to navigate these complex requirements.
Solution
Purple provides a mobile banking platform designed to help individuals with disabilities manage their finances and maintain benefit eligibility. The platform offers ABLE savings accounts, which allow users to save for qualified disability expenses without jeopardizing their benefits. Purple also includes features for tracking benefits, setting spending limits, and automating savings to stay under asset limits. Smart QDE Routing automatically funds purchases from the most tax-advantaged account.
Target Audience
The primary target audience is individuals with disabilities who receive benefits such as SSI and SNAP, and who need specialized banking tools to manage their finances while maintaining eligibility.
Features
- ABLE savings accounts for saving without affecting benefit eligibility
- Smart QDE (Qualified Disability Expense) Routing to optimize fund usage
- Automated savings tools to stay under the $2,000 asset limit for SSI
- Spending controls with daily, monthly, and category-specific limits
- Direct deposit up to 4 days early for Social Security benefits
- Integration with SNAP EBT accounts to view balances in one place
- AI-powered financial assistant for guidance on SSI, ABLE accounts, and SNAP eligibility
- Receipt and memo capture for organized transaction tracking