SC Ventures invests in Sharia-compliant UK FinTech Algbra
By Gloria Methri
Today
- Algbra
- Digital Banking Solution
- Electronic Money Institution
SC Ventures, Standard Chartered’s FinTech investment and ventures arm, has announced a strategic investment in Algbra, a UK-based sharia-compliant FinTech. As part of the agreement, Shoal, SC Ventures’ sustainable finance platform, will partner with Algbra.
“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,” said Gurdeep Singh Kohli, SC Ventures lead for Europe and Americas.
Algbra, founded by Zeiad Idris and Fizel Nejabat, is a Sharia-compliant and B-Corp certified FinTech to be authorised as an Electronic Money Institution. The company offers its full-stack proprietary technology internationally as a turnkey digital banking solution.
“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, CEO, Algbra. “I look forward to what more we can achieve together in our common quest to drive commerce and prosperity.”
Incubated by SC Ventures, Shoal is a B-Corp certified sustainable finance platform that allows retail customers to reach their financial goals, while supporting sustainable development and the fight against climate change. 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.
Joan Medland and Tom Mason, Co-Founders of Shoal, added, “We founded Shoal with a simple goal, to enable people to grow their money in a manner that benefited the world without compromising their values. We are very excited for the impact of this partnership with Algbra given our shared vision.”
