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Algbra receives full authorisation from FCA

Thursday 9 June 2022 12:19 CET | News

Algbra, a UK-based ethical and values-focused fintech, has received full authorisation from the Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI). 

Algbra’s proposition – with the principles of ESG and Shariah-compliance at its core – leads the movement towards values and lifestyle-based banking that is defining the next evolution of financial services.

Algbra’s 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 that carbon footprint with a few taps.

Algbra has developed a proprietary technology stack to ensure scalability and compliant fund flows, as well as requiring all partners to sign up to its ethical standards, including clarity on where consumers’ money is held – ensuring customer funds are not held or invested in unethical industries.

The EMI licence 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.


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Keywords: fintech, EMI licence, ESG, financial services, compliance
Categories: Banking & Fintech
Companies: Algbra, FCA
Countries: United Kingdom
This article is part of category

Banking & Fintech

Algbra

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FCA

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