Algbra secures £3.8m seed investment from SFC Capital and other backers to launch values-based digital finance platform.
The funding round was backed by SFC Capital, British Business Investments, and New World Group to support financial inclusion.
Algbra is a sustainable digital finance provider focused on reducing ethnic and community financial inequality. The platform delivers values-based financial services designed for overlooked minority populations.
Algbra has secured £3.8m in a seed funding round backed by investors including SFC Capital, British Business Investments, and New World Group. The fresh capital will support the company as it launches its digital finance platform aimed at closing the wealth and social gap for overlooked minority and unbanked communities globally.
The London-based fintech offers transparency, fairness, sustainability, and non-interest-based finance to consumers seeking financial products that align with their values and faith. Its initial product suite includes current accounts, foreign exchange, remittances, and rewards, with lending services to follow.
From the founder
"We are the first Fintech to take a fully values-based approach to serving communities with a truly systemic approach to financial inclusion. Moreover, we are committed to engaging, educating and empowering minorities to close the wealth and social gaps that exist. There are 1.3 billion addressable people on the planet who remain unbanked. If we want to emerge from the Covid-19 pandemic to a better version of our world, we cannot do that without ensuring that everyone can participate in today’s financial system and therefore be included in modern society."
Zeiad Idris
Co-Founder and CEO at Algbra
.png)
