Algbra Labs, a UK FaaS provider, has partnered with Moka United, the fintech subsidiary of İşbank, to support the UK launch of RUUT, Moka’s digital banking brand.
This initiative is part of İşbank’s strategy to expand globally and deliver inclusive, technology-driven financial services across borders. Leveraging Algbra Labs’ full-stack FaaS platform, RUUT will provide simple, secure, and scalable digital banking to customers in the UK.
Expanding RUUT globally
The alliance highlights Algbra’s ability to offer its FaaS features to enable diaspora-focused digital banking. The company aims to ensure that every partnership it participates in reflects its commitment to innovation for platforms and contributes to inclusive, modern banking solutions for the industry.
The multi-phased agreement between Algbra and Moka includes deployment of a partner banking platform allowing RUUT to operate client accounts, and the roll out of customer-named accounts, with RUUT playing the role of the authorised electronic money distributor. Additionally, the companies will support RUUT to become a fully licenced electronic money institution, with Algbra Labs offering the core banking and payments infrastructure.
The alliance will provide a fully operational platform within fix months. In the meantime, both companies plan to further develop the UK-Türkiye financial connection, a corridor that currently facilitates more than GBP 28 billion in annual remittances and trade flows. Türkiye is a key trading partner for the UK, with bilateral trade in goods and services reaching over GBP 26 billion in 2024.
On the flip side, the UK is in Türkiye’s top five export markets, being home to a growing Turkish diaspora of almost one million individuals whose economic, social, and cultural ties further strengthen the financial corridor. Expanding digital financial infrastructure between the two countries will unlock new opportunities for trade, remittances, and investment.
Albgra believes that RUUT is a significant initiative, and its support reflects the growing demand for value-added, high-compliance financial technology. Moka United and RUUT see the collaboration as a key step in their strategy to expand globally. Through RUUT, Moka aims to offer inclusive, user-friendly and trusted digital banking journeys, beginning in the UK.
