SC Ventures, the innovation and FinTech investment arm of Standard Chartered, has recently made a strategic investment in Algbra, a UK-based, Sharia-compliant ethical finance platform.
In a move that broadens its sustainable finance landscape, SC Ventures will also align its UK platform, Shoal, with Algbra to further the reach and efficacy of sustainable financial products.
Algbra, founded by Zeiad Idris and Fizel Nejabat, stands out as the first Sharia-compliant and B-Corp certified FinTech to be authorised by the Financial Conduct Authority as an Electronic Money Institution.
The company offers a full-stack, proprietary technology platform internationally, functioning as a turnkey digital banking solution. Notably, Algbra’s consumer-facing operations in the UK were recently celebrated as the Best ESG Initiative in Payments at the Pay360 Awards, a testament to its innovative solutions such as carbon tracking, financial wellbeing tools, and a donations platform.
The new funding will be channelled into expanding Algbra’s “FinTech as a Service” (FaaS) offerings globally, enhancing its capabilities in digital banking solutions tailored for ethical and sustainable finance. This expansion is not just limited to geographic spread but also includes deepening the technological collaboration between Algbra and Shoal.
The synergy between Shoal and Algbra is set to redefine sustainable finance in the UK and potentially across global markets. Shoal, incubated by SC Ventures and also a B-Corp certified entity, is designed to help retail customers achieve their financial goals sustainably. Through this partnership, Shoal aims to leverage Algbra’s advanced technology to distribute its sustainable financial products more widely across the UK, while Algbra will integrate Shoal’s offerings into its B2B solutions that focus on Environmental, Social, and Governance (ESG) factors.
Algbra CEO Zeiad Idris said, “I am thrilled for Algbra to be partnering with SC Ventures and Shoal. What is most exciting about this is the deep purpose-alignment of our companies to do good, and our commitment to go beyond the UK to serve communities in Asia, Africa and the Middle East
“I look forward to what more we can achieve together in our common quest to drive commerce and prosperity.”
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