London-based startup Algbra to become fintech ‘nandos’ raises £ 3.75million in funding
Currently, the financial services industry has been a cause of racialized wealth and social divide, in which ethical minorities are at least twice as likely to face barriers when using financial services as their white counterparts in the Kingdom. United and the United States. This is due to exclusion based on values, racial profiling and lack of trust. To solve this problem, the Algbra platform is designed to create an inclusive ecosystem that meets the day-to-day financing needs of ethical consumers, offering transparent, fair and sustainable products and services.
Algbra is a sustainable and value-driven next generation fintech platform headquartered in London. Today, the fintech company that works with a mission to educate, engage and empower neglected minority communities and facilitate their ability to take control of their finances has raised £ 3.75million funding.
The investment cycle was led by SFC Capital, British Business Investments and New World Group. Algbra will launch a set of core financial products, including checking accounts, currencies, remittances and rewards, with loan products to follow shortly thereafter.
Intends to become “ Nandos ” of fintech
By merging community understanding with global expertise, Algbra, founded by Zeiad Idris and Fizel Nejabat in 2020, will serve growing communities around the world who wish to bank in accordance with their values and faith. This includes a global market of 2 billion Muslims (800 million of whom are unbanked), to actively facilitate social mobility and strengthen financial inclusion globally.
The company claims that there is a dividing line between communities and belief systems, which Algbra wants to remove to become like the “Nandos” of FinTech.
Zeiad Idris, Co-Founder and CEO of Algbra: “We are the first Fintech to take a fully values-based approach to serving communities with a truly systems approach to financial inclusion. In addition, we are committed to involving, educating and empowering minorities in order to bridge the wealth and social gaps that exist. There are 1.3 billion addressable people on the planet who are still unbanked. If we want to come out of the Covid-19 pandemic for a better version of our world, we cannot do it without making sure that everyone can participate in the current financial system and therefore be included in modern society.
Fizel Nejabat, Co-Founder and COO, Algbra: “Society, including minority communities, increasingly opts for financial services in line with their values and beliefs. The climate strike and the Black Lives Matter protests have highlighted the need for financial services to provide minority communities with leverage in their financial lives. Therefore, it is essential that our industry responds in a more systematic manner, building organizations and providing financial products that elevate the primacy of corporate shareholders to stakeholder priority in order to tackle the deep inequalities that exist. exist and offer solutions adapted to all.