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Algbra Labs and Moka United, the Fintech Subsidiary of İşbank, Announce Strategic Partnership to Launch RUUT in the UK

By Lauren Hinton · 20 August 2025

Algbra Labs partners with Moka United, the fintech arm of Türkiye’s İşbank, to power the UK launch of RUUT, with CEOs Zeiad Idris and Halim Memiş leading cross-border digital banking expansion.
Algbra Labs, a leading UK-based Fintech-as-a-Service (FaaS) provider, has announced a strategic partnership with Moka United, the fintech subsidiary of İşbank - Türkiye’s largest private bank. The collaboration supports the UK launch of RUUT, a next-generation digital banking brand developed by Moka United as part of İşbank’s global fintech strategy. This partnership represents a key step in Moka United’s international expansion and İşbank’s broader vision to deliver inclusive, technology-driven financial services across borders. Powered by Algbra Labs’ full-stack FaaS platform, RUUT will offer a seamless, secure, and scalable digital banking experience to customers in the United Kingdom. The multi-phased agreement includes:
  • Deployment of a partner banking platform enabling RUUT to operate client accounts;
  • Launch of customer-named accounts, with RUUT acting as an authorised electronic money distributor;
  • Support for RUUT to become a fully licensed electronic money institution, with Algbra Labs continuing to provide the core banking and payments infrastructure.
The partnership aims to deliver a fully operational platform within six months. In the medium term, both parties plan to further develop the UK-Türkiye financial corridor, which currently facilitates over £28 billion in annual trade and remittance flows. Türkiye continues to be a significant trading partner for the UK, with bilateral trade in goods and services surpassing £26 billion in 2024, while the UK is among Türkiye’s top five export markets. In addition, the UK is home to a growing Turkish diaspora of more than 600,000 people, whose economic, social, and cultural ties further strengthen the corridor. Expanding digital financial infrastructure between the two countries will unlock new opportunities for trade, remittances, and investment. Zeiad Idris, CEO of Algbra, commented: “We are proud to partner with Moka United, the fintech arm of Türkiye’s most established bank. RUUT is an exciting digital banking initiative, and we are delighted to provide the platform infrastructure to support its UK launch. This collaboration reflects the growing demand for values-led, high-compliance, and scalable financial technology.” Halim Memiş, CEO of Moka United and RUUT, added: “This partnership with Algbra Labs is a strategic milestone in our journey to expand globally. Through RUUT, we aim to deliver inclusive, user-friendly, and trusted digital banking experiences — beginning in the UK. Algbra’s technological excellence and shared ethical approach make them the ideal long-term partner.” The collaboration further reinforces Algbra Labs’ position as a premier Fintech-as-a-Service provider, enabling banks and fintechs to launch and scale digital offerings without compromising on compliance, speed, or innovation.

About the companies

Algbra

Website · 9 stories on FF News since 2021

Previously on FF News:

Algbra Labs

Part of Algbra · Website · 1 story on FF News since 2025

RUUT

Website · 1 story on FF News since 2025

Companies in this story: Algbra, Algbra Labs, RUUT, Moka United

People in this story: Halim Memiş, Zeiad Idris

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