ALGBRA BECOMES FIRST ETHICAL FINTECH TO RECEIVE AUTHORISED E-MONEY INSTITUTION LICENCE

Algbra, the ethical and values-focused FinTech, has received full authorisation from the Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI).

Algbra’s pioneering proposition – with the principles of ESG and Shariah-compliance at its core – leads the movement towards values and lifestyle-based banking that is defining the next evolution of financial services.

Zeiad Idris, Co-Founder and CEO of Algbra, said: “The FCA is rightly regarded as the world’s leading regulator of financial services. For Algbra to have our EMI license approved with such a turnaround - in such challenging external circumstances - is a ringing endorsement of both our commitment to the highest standards of regulation and compliance, as well as our commitment to building the world’s leading values-focused and sustainable financial institution. I look forward to Algbra moving the dial even further on what customers should expect from fintechs.”

Algbra’s offering includes a sustainable card; the ability to make direct charitable donations to UK-registered charities; carbon tracking to review the impact of purchases; and the option to offset  that carbon footprint with a few taps.

Algbra requires all partners to sign up to its ethical standards, including clarity on where consumers’ money is held - ensuring customer funds are not held or invested in unethical industries. The EMI license now enables Algbra to build bespoke products to service diverse communities in the most uncompromising and impactful way possible, including further disrupting the sector by developing their B2B technology platform.

Fizel Nejabat, Co-Founder and COO of Algbra, said: “This is a special day for everyone involved with Algbra, especially our consumers and communities. We have embedded regulatory compliance, ethics and sustainability into every element of the company – from the design of our proprietary technology platform to how we implement our community engagement. Our EMI license ensures we can continue designing the best quality financial products with an experience that speaks to the widest of audiences”.