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Algbra receives authorised e-money licence

Algbra, the London based ethical and values-focused FinTech, has received full authorisation from the Financial Conduct Authority (FCA) in the UK to operate as an electronic money institution (EMI).

Zeiad Idris, co-founder and CEO at Algbra, said: “The FCA is rightly regarded as the world’s leading regulator of financial services. For Algbra to have our EMI license approved with such a turnaround and that too in such challenging external circumstances is a ringing endorsement of both our commitment to the highest standards of regulation and compliance, as well as our commitment to building the world’s leading values-focused and sustainable financial institution. I look forward to Algbra moving the dial even further on what customers should expect from fintechs.”

Algbra’s pioneering proposition with the principles of environmental, social and governance (ESG) and Shariah-compliance at its core leads the movement towards values and lifestyle-based banking that is defining the next evolution of financial services. Algbra’s offering includes a sustainable card; the ability to make direct charitable donations to UK-registered charities; carbon tracking to review the impact of purchases; and the option to offset that carbon footprint with a few taps.