Algbra Becomes First Ethical Fintech To Receive Authorised E-money Institution Licence
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. 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 has developed a state of the art proprietary technology stack to ensure scalability and compliant fund flows, as well as requiring 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.
A company incorporated during the pandemic, Algbra’s authorisation by the FCA comes during a period of significant delay and uncertainty for EMI licenses, caused by Brexit rule changes and a backlog of existing applications. Algbra’s relatively fast approval turnaround, in comparison to other financial services firms, speaks to a successful investment into regulation and compliance built into the foundations of the company. The approval demonstrates the FCA’s commitment to their ESG strategy which aims to assist firms and regulators to overcome some of the challenges that moving to a net zero economy will raise in the area of sustainability. This programme of work includes a Green FinTech Challenge as well as an ESG-focused Digital Sandbox.
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.”
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”.