LONDON–(BUSINESS WIRE)–Algbra, the global ethical and Sharia-compliant technology platform with its UK finance app, has been awarded B Corp status after demonstrating its credentials of the highest ESG standards.
This makes Algbra one of the few financial institutions in the UK to achieve this status, including being the first FCA authorised payments firm, and the first ethical, sustainable, and Sharia-compliant fintech globally to have done so.
Algbra successfully undertook a rigorous certification process conducted by B Lab, a nonprofit organisation, which evaluated Algbra’s performance across key metrics relating to social and environmental performance, transparency and accountability. This included amending the company’s Articles of Association to embed a commitment to consider the impact of decisions on all stakeholders and signing the B Corp Agreement and Declaration of Interdependence. Requiring a minimum score of 80 points, Algbra achieved a score of 121.6, significantly higher than the average.
The newly acquired B Corp status is further recognition of Algbra’s mission to create a more equitable and sustainable society, by reaching the 1.7 billion people across the world who are currently financially excluded, through high-quality, impact-driven financial technology.
Algbra’s proprietary technology, built-in-house by its team of engineers, is designed to be used by banks and non-banking financial institutions across the emerging world to make mobile digital banking accessible to all. Traditional BaaS solutions seldom include turnkey fintech functions, like back-office mission control, customer UX/UI, customer operations, KYC/AML and regulatory reporting, which Algbra solves for by offering its Fintech-as-a-Service (FaaS) solution covering all the main components needed for a digital banking offering and with the agility to flex, localise and scale to suit any market or customer segment.
Algbra’s no-compromise ethical solution in the UK
With Algbra, customers do not need to compromise between their ethics, sustainability and quality of service.
Algbra comes equipped with all that you would expect from a finance app. In addition to staples like analytics, Apple/Google Pay, and transfers, Algbra offers market-leading 1.5% cashback on all card spending and includes impact solutions such as carbon tracking and offsetting, financial wellbeing tools, investments, lending and a donations platform. All of this is powered on carbon neutral cloud computing. Algbra also makes sure that none of its customers’ funds are invested in any environmentally or socially damaging industries.
As part of Algbra’s social mission, Algbra has committed to donate 10% of its profits through its charitable foundation, Algbra X, to empowering overlooked communities, and is also an accredited living wage employer.
Algbra Co-founder and COO Fizel Nejabat commented:
“We are incredibly proud to have received the B Corp certification in recognition of our longstanding commitment to social impact and empowering communities through financial services. This certification is a testament to the steps that the team has taken to deliver an exceptional app and great community initiatives that enhance the financial wellness of our customers and communities alike. In addition to our commitments on sustainability, we believe that the B Corp certification is a strong recognition of our team’s efforts, and look forward to continuing our mission with their support.”
Chris Turner, Executive Director of B Lab UK, says:
“We are pleased to have B Corps of all shapes and sizes as part of our community – from startups to multinationals and across many different industries. Business is a powerful force and B Corps demonstrate that you can do good in any sector. Welcoming Algbra is an exciting moment because they have an opportunity to lead the way within the finance and technology industries. We and the rest of the B Corp community are really pleased to support Algbra in paving the way for a new way of doing things.”
Algbra is an FCA regulated next generation fintech platform headquartered in London, leveraging state-of-the-art technology, working with tier one partners and operating within the UK regulatory framework. The Algbra platform is built to create a values-based ecosystem that fits with the everyday financing needs of ethically-minded consumers, offering products and services that have the following principles at its heart – transparency, fairness, sustainability and non-interest based finance. Combining grassroots community understanding with global expertise, Algbra will serve communities around the world to enhance financial wellbeing globally and actively facilitate global social mobility.