Standard Chartered’s venture arm has invested in Algbra, an ethical finance-focused and Sharia-compliant UK fintech company. Terms were not disclosed.
As part of the agreement, Algbra will partner with SC Ventures’ sustainable finance platform, Shoal.
Founded in 2020, FCA-authorized company Algbra operates a money management app and debit card that allows Brits to track their carbon footprint and donate to local causes and charities.
The startup also offers its proprietary full-stack technology, including its core banking platform, as a B2B Fintech-as-a-Service (“FaaS”) to businesses around the world through its Algbra Labs division.
Standard Chartered says there are strong synergies between Algbra and Shoal, its own sustainable finance platform that enables retail clients to support sustainable development.
Shoal will leverage Algbra’s technology capabilities to distribute its products to UK retail customers, while Algbra will integrate Shoal globally as part of its ESG-centric B2B solutions.
Zeiad Idris, CEO of Algbra, says: “What’s most exciting about this is our companies’ deep sense of purpose to do good and our commitment to serve communities in Asia, Africa and the Middle East beyond the UK.”