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).<\/p>\n
Algbra\u2019s pioneering proposition \u2013 with the principles of ESG and Shariah-compliance at its core \u2013 leads the movement towards values and lifestyle-based banking that is defining the next evolution of financial services.<\/span><\/p>\n Zeiad Idris, Co-Founder and CEO of Algbra, said: <\/span>\u201cThe FCA is rightly regarded as the world\u2019s 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\u2019s leading values-focused and sustainable financial institution. I look forward to Algbra moving the dial even further on what customers should expect from fintechs.\u201d<\/span><\/p>\n Algbra\u2019s 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 \u00a0that carbon footprint with a few taps.<\/span><\/p>\n Algbra requires all partners to sign up to its ethical standards, including clarity on where consumers\u2019 money is held – ensuring customer funds are not held or invested in unethical industries. <\/span><\/p>\n 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.<\/span><\/p>\n Fizel Nejabat, Co-Founder and COO of Algbra, said:<\/span> \u201cThis 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 \u2013 from the design of our proprietary technology platform to how we implement our community engagement. <\/span><\/p>\n \u201cOur EMI license ensures we can continue designing the best quality financial products with an experience that speaks to the widest of audiences\u201d. \u00a0<\/span><\/p>\n