SC Ventures invests in Sharia-compliant fintech company Algbra
SC Ventures, the fintech investment and ventures arm of Standard Chartered, has made a strategic investment in Algbra.
Algbra is a UK-based fintech company that adheres to ethical finance principles and is Sharia-compliant.
While the terms of the investment remain undisclosed, SkyNews, citing sources, reported that the figure is believed to be at least $10m (£8m).
Algbra, co-founded by Zeiad Idris and Fizel Nejabat, is claimed to be the first sharia-compliant and B-Corp certified fintech to gain authorisation from the Financial Conduct Authority (FCA) as an Electronic Money Institution.
The company’s proprietary technology offers a digital banking solution that can be deployed internationally.
In line with the investment, SC Ventures’ sustainable finance platform, Shoal, will form a partnership with Algbra.
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SC Ventures highlighted the strong synergies between Shoal and Algbra, particularly in terms of their offerings and target markets.
Shoal, which was incubated by SC Ventures, is also a B-Corp certified entity that enables retail customers to achieve their financial objectives while contributing to sustainable development and combating climate change.
Shoal plans to utilise Algbra’s technological expertise to offer its products to UK retail customers.
Conversely, Algbra will integrate Shoal into its suite of ESG-centric B2B solutions on a global scale. A
Algbra’s investor base includes prominent figures such as Lord Hammond, former chancellor of the exchequer, Alastair Lukies, and Rick Haythornthwaite, chairman of NatWest Group and AA.
SC Ventures lead for Europe and Americas Gurdeep Singh Kohli said: “SC Ventures and Standard Chartered are committed to sustainable financing. We build ventures with our clients in mind, which resulted in Shoal.
“Combining the proposition with Algbra will enhance the customer proposition in the UK and our investment will accelerate the delivery of Algbra’s Fintech as a Service (FaaS) solution globally,”
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.”
