SC Ventures, the innovation and ventures unit of Standard Chartered, has made a strategic investment in Algbra, a UK-based fintech that focuses on ethical and sharia-compliant finance. The financial details of the investment have not been disclosed.
Shoal, which is SC Ventures‘ sustainable finance platform, will also form a partnership with Algbra as part of the deal.
Algbra, co-founded by Zeiad Idris and Fizel Nejabat, is reportedly the first sharia-compliant fintech to receive B-Corp certification and authorisation from the Financial Conduct Authority as an Electronic Money Institution in the UK.
The company provides a range of services internationally, including digital banking solutions that feature carbon tracking, financial wellness tools, and a donations platform.
Algbra offers its full-stack proprietary technology, including its core banking platform, through its Algbra Labs division as a B2B Fintech as a Service (FaaS) solution, helping institutions build turnkey digital banking propositions.
The partnership between Shoal and Algbra is expected to enhance both companies’ offerings in the UK and expand their reach in global markets.
Shoal, which was developed by SC Ventures, is also a B-Corp certified entity that helps customers achieve their financial goals through sustainable investments.
Gurdeep Singh Kohli
“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.
Zeiad Idris
“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.
