Standard Chartered’s venture arm has invested in Algbra, a UK-based fintech focused on ethical finance and sharia compliance. The terms of the investment were not disclosed.
As part of the agreement, Algbra will collaborate with SC Ventures’ sustainable finance platform, Shoal. Founded in 2020 and FCA-authorized, Algbra operates a money management app and debit card that enables users in the UK to track their carbon footprint and contribute to local causes and charities.
The startup also provides its full-stack proprietary technology, including a core banking platform, through its Algbra Labs division as a B2B Fintech-as-a-Service (FaaS) offering to businesses worldwide.
Standard Chartered highlights the strong synergies between Algbra and Shoal, stating that Shoal will utilize Algbra’s technology to distribute its products to UK retail customers. In turn, Algbra will integrate Shoal into its ESG-centric B2B solutions on a global scale.
Zeiad Idris, CEO of Algbra, expressed excitement about the partnership, noting the shared commitment to creating social good and the ambition to extend their services beyond the UK to communities in Asia, Africa, and the Middle East.