Standard Chartered's venture arm has invested in Algbra, an ethical finance-focused and sharia-compliant UK-based fintech. Terms were not disclosed.
As part of the agreement, Algbra will partner with SC Ventures’ sustainable finance platform, Shoal.
Founded in 2020, FCA-authorised Algbra operates a money management app and debit card that lets Brits track their carbon footprint and donate to local causes and charities.
The startup also offers its full-stack proprietary technology, including its core banking platform, through its Algbra Labs division as a B2B Fintech-as-a-Service (‘FaaS’) offering to firms around the world.
Standard Chartered says there are strong synergies between Algbra and Shoal, its own sustainable finance platform that allows retail customers to support sustainable development.
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.
Zeiad Idris, CEO, Algbra, says: "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."