Currently, the financial services industry has been a cause of the racialised wealth and social gap, wherein ethnic minorities are at least twice as likely to face obstacles when using financial services than their white counterparts in the UK and US. This is due to values-based exclusion, racial profiling and lack of trust. To resolve this, Algbra platform is built to create an inclusive ecosystem that fits with the everyday financing needs of ethically-minded consumers, offering products and services that are transparent, fair and sustainable.
Algbra is a next-generation sustainable and value-focused fintech platform headquartered in London. Now, the fintech company that works with the mission to educate, engage and empower overlooked minority communities and facilitate their ability to take control of their finances has raised £3.75 million in funding.
The investment round was led by SFC Capital, British Business Investments and New World Group. Algbra will launch a core set of financial products, including current accounts, foreign exchange, remittances and rewards, with lending products to follow shortly thereafter.
Intends to become ‘Nandos’ of fintech
By combining community understanding and global expertise, Algbra founded by Zeiad Idris and Fizel Nejabat in 2020, will serve the world’s growing communities that wish to bank in accordance with their values and faith. This includes a global market of 2 billion Muslims (800 million of them being unbanked), to actively facilitate social mobility and enhance financial inclusion globally.
The company claims that there is a line being drawn between communities and belief systems, which Algbra wants to remove to become like the ‘Nandos’ of Fintech.
Zeiad Idris, Co-Founder and CEO, Algbra: “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.”
Fizel Nejabat, Co-Founder and COO, Algbra: “Society, including minority communities, are increasingly opting for financial services that accord with their values and beliefs. The climate strike and Black Lives Matter protests have highlighted the need for financial services to offer minority communities a lever of power within their financial lives. Therefore, it is essential that our industry responds in a more systematic fashion, building organisations and delivering financial products that shift corporate shareholder primacy to stakeholder priority to address the deep inequalities that exist and offer solutions that are suitable for all.”