According to the official press release, the company’s mission is to educate, engage and empower overlooked minority communities and facilitate their ability to take control of their finances. Algbra has raised GBP 3.75 million in fundraising and is backed by SFC Capital, British Business Investments, and New World Group.
The Algbra platform is built to create an inclusive ecosystem that fits with the everyday financing needs of ethically-minded consumers, offering products and services based on transparency, fairness, and sustainability.
Algbra aims at serving the world’s communities that wish to bank in accordance with their values and faith, including a global market of 2 billion Muslims (of which 800 million are unbanked), to facilitate social mobility and enhance financial inclusion globally. Algbra will launch a core set of financial products, including current accounts, foreign exchange, remittances and rewards, with lending products to follow shortly thereafter.
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