SC Ventures buys stake in Algbra to enhance its Shoal service

SC Ventures, the venture arm of FTSE-100 bank Standard Chartered, has bought a stake in ethical and sharia-compliant fintech Algbra. The terms of the deal are undisclosed.

Algbra is a financial management platform that distinguishes its offering by advising users against “unethical or high-risk” investments. Their app claims to track the carbon footprint of every transaction made in order to raise awareness in users about their consumption habits. The investment is SC’s first into a UK-based company.

Shoal, which is SC Ventures’ sustainable finance platform, will also form a partnership with Algbra as part of the deal. Algbra takes the place of Starling Bank, who Standard Chartered originally planned to partner with to develop Shoal. Shoal will leverage Algbra’s technology capabilities to distribute its products to UK retail customers whilst Algbra will incorporate Shoal as part of its ESG-centric B2B solutions globally

Algbra, founded by Zeiad Idris and Fizel Nejabat, is the first sharia-compliant and B-Corp certified fintech to be authorised by the Financial Conduct Authority as an Electronic Money Institution. 

“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,” said Zeiad Idris. “I look forward to what more we can achieve together in our common quest to drive commerce and prosperity.”