Standard Chartered Injects Capital Into Algbra

Standard Chartered’s venture division has financed Algbra, a UK-based fintech company that specializes in ethical finance and Sharia compliance. The terms remained undisclosed. As part of the deal, Algbra will collaborate with Shoal, SC Ventures’ sustainable investment platform.

Algbra was established in 2020 and is authorized by the FCA. It manages a money management application and debit card that allows British citizens to monitor their carbon footprint and give to charities and local causes.

Algbra And Shoal Aim To Expand Their Services

Algbra also provides its comprehensive proprietary technology suite, including its primary banking platform via its Algbra Labs unit as a B2B FaaS service to firms worldwide. Standard Chartered stated that there is a cohesive relationship between Shoal and Algbra.

Shoal will utilize Algbra’s technological prowess to deliver its products to retail customers in the UK while Algbra will integrate shoal into its ESG-focused B2B solutions worldwide.

The Chief Executive Officer of Algbra, Zeiad Idris, stated that the most thrilling aspect of this collaboration is the deep alignment of the two firms to make a positive impact. He added that Algbra and Shoal are committed to expanding beyond the United Kingdom to cater to communities in the Middle East, Africa, and Asia.

Algbra has cemented its position as the leading B-Corp certified and Sharia-compliant fintech to be licensed by the FCA as a Digital Banking Entity. The firm’s dedication to ethical finance is enhanced by its recent attainment of B Corp status, highlighting its outstanding Governance (ESG), social, and Environmental standards.

Algbra Wants To Nurture A More Sustainable Society

Algbra’s goal is to develop a more sustainable and equitable society by offering impact-focused Financial technology products. Its unique technology, designed internally by an engineering team, provides a comprehensive digital banking service that can be used worldwide.

This technology allows financial institutions and non-banking financial organizations to deliver accessible Mobile financial services to Less privileged groups in developing regions.

Algbra’s finance application offers clients a diverse array of banking services whilst prioritizing service quality, sustainability, and ethics. The app provides standard features like transfers., Apple/Google Pay, and analytics.

In addition, Algbra distinguishes itself by providing top-tier 1.5% cash back on every card usage and integrating impact solutions like a donation platform, lending, investments, financial wellbeing tools, and carbon monitoring and offsetting.

One of the main features of Algbra’s offering is its dedication to ethical investments. Customers’ funds are not invested in industries that are harmful to the environment or society, ensuring that client’s financial resources are in line with their principles.