Standard Chartered Invests in UK Ethical Fintech Algbra
Standard Chartered's investment arm has made an undisclosed investment in Algbra, a UK-based fintech company focused on ethical finance and Sharia compliance.
Through this partnership, Algbra will collaborate with SC Ventures’ sustainable finance platform, Shoal.
Established in 2020 and authorized by the FCA, Algbra offers a money management app and debit card allowing users to track their carbon footprint and donate to local causes.
Additionally, Algbra provides its proprietary technology, including a core banking platform, to other firms worldwide through its Algbra Labs division.
Standard Chartered highlights the alignment between Algbra and Shoal, aiming to provide sustainable development support to retail customers.
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Shoal plans to utilize Algbra’s technology to offer its products to UK retail customers, while Algbra will integrate Shoal into its ESG-focused B2B solutions globally.
Algbra’s CEO, Zeiad Idris, emphasizes the shared commitment of both companies to make a positive impact beyond the UK, extending their services to communities in Asia, Africa, and the Middle East.
Alexander Stefanov
Reporter at CoinsPress
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