New World Group launches venture for developing economies
Mozaic provides smart, efficient, and strategic capital to robust and scalable technology businesses
New World Group (NWG) is a London headquartered, global diversified investment company with more than $2.5 billion in assets under management. The company continues to play a leading role in investing in technology companies seeking to re-invent their industry ecosystems - through its Mozaic business vertical.
Mozaic provides smart, efficient, and strategic capital to robust and scalable technology businesses led by driven and able entrepreneurs. Under the Mozaic enabler, NWG has incubated and launched the global digital platform 'Algbra' for the unbanked and underserved.
Currently, more than 1.7 billion people in developing economies are prevented from participating in economic opportunities because of not having a traditional bank account. Algbra will deliver financial services through one application to address this significant gap in the global economy. It will offer accounts, debit cards, savings, rewards, FX, remittances and more. Early-stage investors in Algbra include the British government and SFC Capital.
Adam Sadiq, CEO, NWG said: "Too many people in the world's poorest countries face financial exclusion because they cannot open an account at a traditional brick and mortar bank. As a result, they are unable to enjoy the opportunities made possible by economic growth, and in many cases remain stuck in the poverty trap."
Sadiq added: "By launching the global digital platform Algbra, we will empower millions of people by enabling them to take advantage of the kinds of digital finance services those of us who live in developed economies often take for granted."
NWG and its businesses, including Mozaic, take a global perspective across sectors in which they invest and operate. NWG has offices and partners in many of the world's most exciting, high growth markets.
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