Participated · Equity · May 2021

Algbra operates a financial-management app that emphasizes ethical and sharia-compliant investing, including tracking the carbon footprint of every transaction to raise user awareness. The platform actively advises users against "unethical or high-risk" investments and offers ESG-centric B2B solutions. Algbra is B Corporation certified and is the first sharia-compliant fintech authorised by the Financial Conduct Authority as an Electronic Money Institution. The company has entered a strategic tie-up with SC Ventures and its Shoal sustainable finance platform, and SC Ventures has bought a stake in Algbra (terms undisclosed). Shoal will leverage Algbra’s technology to distribute products to UK retail customers, while Algbra plans to incorporate Shoal into its global ESG B2B offerings. Founders Zeiad Idris and Fizel Nejabat say the company intends to expand beyond the UK to serve communities in Asia, Africa and the Middle East. Algbra is a sustainable, values-focused digital finance provider founded by CEO Zeiad Idris and COO Fizel Nejabat that targets financially overlooked minority communities. The platform is built around principles of transparency, fairness, sustainability and non-interest based finance to serve ethically-minded consumers. The firm plans to launch core financial products including current accounts, foreign exchange, remittances and rewards, with lending products to follow shortly thereafter. Algbra positions itself to serve a global market that includes 2 billion Muslims (about 800 million of whom are unbanked) and aims to facilitate social mobility and financial inclusion. The company has recruited an advisory board featuring former executives such as Nicolas Huss, Shabir Randeree CBE and others to support its mission. Financially, Algbra has raised £3.75m in fundraising to support product launch and growth, backed by SFC Capital, British Business Investments and New World Group.