StanChart’s SC Ventures invests in sharia fintech Algbra

The amount of investment is undisclosed.

Standard Chartered’s SC Ventures has invested in shariah-compliant UK-based fintech Algbra.

As part of the investment, Shoal—SC Ventures’ sustainable finance platform— will partner with Algbra.

Terms of the deal, including the amount of investment and the extent of the partnership with Shoal, are undisclosed as of press time.

ALSO READ: StanChart’s SC Ventures and NEXT176 unveil Shariah-compliant wealth platform

Shoal plans to leverage Algbra’s technology capabilities to distribute its products to UK retail customers, whilst Algbra will incorporate Shoal as part of its ESG-centric B2B solutions globally.

Algebra is the first shariah-compliant and B-Corp certified fintech authorised by the Financial Conduct Authority as an Electronic Money Institution. Algbra offers its full-stack technology internationally as a turnkey digital banking solution.

Shoal, meanwhile, is as B-Corp certified sustainable finance platform with the set goal of helping retail customers reach their financial goals.

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