Who owns Purple?
short answerPurple is not itself a bank. It runs on a partner-bank (BaaS) model, where a licensed sponsor bank holds the deposits behind the app while Purple builds the product and interface.
Is Purple a licensed bank?
No — it runs on a sponsor bank (BaaS model). Licence detail: Partner bank (OMB Bank, Member FDIC); Mastercard debit issued by OMB Bank.
Where is your money held?
Custody model: Custodial.
No sponsor bank or infrastructure provider is publicly documented for Purple yet. Know one? Suggest it.
Who's behind Purple?
Purple was founded by John Ciocca (2018), headquartered in New York, US.
Is my money safe with Purple?
Deposits are held by Purple's sponsor bank, so any insurance flows through that bank rather than Purple. Check which sponsor holds your balance and whether it is passed through for per-customer coverage.
go deeperSee the full Purple profile with every verified field, or Purple alternatives. Raw fields: data.json.
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.