SC Ventures Acquires Stake in Algbra to Enhance Shoal Service

Algbra and Shoal empower users to monitor their purchases and investments through the lens of ESG (Environmental, Social, and Governance) and sharia-compliance metrics. This commitment underscores their dedication to promoting ethical and sustainable finance practices, aligning financial decisions with broader societal and environmental goals. By providing tools and insights that prioritize responsible investment and consumption, Algbra and Shoal aim to drive positive impact and contribute to a more sustainable future for all.

SC Ventures, the venture arm of Standard Chartered, a FTSE-100 bank, has made a strategic investment in Algbra, an ethical and sharia-compliant fintech platform. Algbra sets itself apart by guiding users away from unethical or high-risk investments and meticulously tracking the carbon footprint associated with each transaction, fostering awareness of consumption habits. This investment signifies SC Ventures’ inaugural venture into the UK-based fintech sector, reflecting its commitment to supporting innovative and socially responsible financial solutions. By partnering with Algbra, SC Ventures aims to advance ethical finance practices and contribute to a more sustainable future in the financial industry.

In addition to the investment, SC Ventures’ sustainable finance platform, Shoal, will join forces with Algbra. Initially slated to collaborate with Starling Bank, Standard Chartered opted to integrate Shoal’s products into the UK retail market through Algbra. By harnessing Algbra’s advanced technology, Shoal aims to expand its reach to UK retail customers, while Algbra will seamlessly incorporate Shoal into its ESG-centric B2B solutions on a global scale. This partnership underscores the shared commitment of both companies to advance ethical finance practices and extend their impact across diverse markets.

Algbra, founded by Zeiad Idris and Fizel Nejabat, holds the distinction of being the first sharia-compliant and B-Corp certified fintech authorized by the Financial Conduct Authority as an Electronic Money Institution.Zeiad Idris expressed enthusiasm about the partnership with SC Ventures and Shoal, emphasizing their shared dedication to making a positive societal impact beyond the UK, especially in regions like Asia, Africa, and the Middle East. He looks forward to leveraging this collaboration to drive commerce and prosperity in these areas while promoting ethical and sustainable finance practices.

The collaboration between Algbra and Shoal underscores a shared mission to drive commerce and prosperity while advancing ethical and sustainable finance practices on a global scale. By pooling their expertise and resources, Algbra and Shoal aim to empower individuals and businesses to make responsible financial decisions that benefit both society and the environment.Through this strategic partnership, SC Ventures and Algbra aim to foster a more sustainable and inclusive financial ecosystem that resonates with societal and environmental objectives. By leveraging their combined expertise and resources, they aspire to drive positive change on a global level, promoting responsible financial practices and advancing towards a more equitable and environmentally conscious future.