Algbra Becomes UK’s First FCA Authorized ESG, Sharia-Compliant Fintech to Obtain B Corp Status

Algbra, the UK-based financial technology platform, has been awarded B Corp status, making it one of the few financial institutions in the country to achieve this recognition. B Corp status signifies that a company has met the highest standards in environmental, social, and governance (ESG) principles. Algbra underwent a rigorous certification process conducted by B Lab, a nonprofit organization that evaluates companies’ performance in areas such as social and environmental impact, transparency, and accountability. Algbra achieved a score of 121.6 out of a minimum requirement of 80 points.

The B Corp certification is a testament to Algbra’s mission of creating a more equitable and sustainable society by providing high-quality financial technology to the 1.7 billion people worldwide who are financially excluded. Algbra’s proprietary technology, developed in-house by its team of engineers, aims to make mobile digital banking accessible to banks and non-banking financial institutions in emerging markets.

Unlike traditional banking-as-a-service solutions, Algbra’s fintech-as-a-service (FaaS) solution offers turnkey fintech functions, including back-office management, customer experience, customer operations, and regulatory reporting. This flexibility allows Algbra to adapt and scale its offerings to suit different markets and customer segments.

Algbra’s finance app offers not only standard features such as analytics, mobile payments, and transfers but also market-leading 1.5% cashback on all card spending. The app includes impact solutions such as carbon tracking and offsetting, financial wellbeing tools, investments, lending, and a donations platform. The platform operates on carbon-neutral cloud computing, and Algbra ensures that none of its customers’ funds are invested in environmentally or socially damaging industries.

In addition to its commitment to ESG principles, Algbra has pledged to donate 10% of its profits through its charitable foundation, Algbra X, to empower marginalized communities. It is also an accredited living wage employer.

Algbra’s Co-founder and COO, Fizel Nejabat, expressed pride in achieving B Corp certification and highlighted the company’s dedication to social impact and empowering communities through financial services. Chris Turner, Executive Director of B Lab UK, praised Algbra’s leadership within the finance and technology industries and emphasized the importance of B Corps in demonstrating that businesses can do good in any sector.

Algbra is an FCA-regulated fintech platform based in London, operating within the UK regulatory framework and collaborating with tier one partners. Its platform is built to cater to the financing needs of ethically-minded consumers, focusing on principles such as transparency, fairness, sustainability, and non-interest-based finance. By combining grassroots community understanding with global expertise, Algbra aims to enhance financial wellbeing and facilitate global social mobility.

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