Latest news with #Algbra
Associated Press
21-05-2025
- Business
- Associated Press
Algbra Activates Principal Issuer Licence with Mastercard
'This is yet another milestone in Algbra's journey. Being a Principal Member enables us to continue the highest levels of security and compliance, both for our UK customers and our global B2B clients.'— Zeiad Idris, CEO of Algbra LONDON, UNITED KINGDOM, May 21, 2025 / / -- Algbra Group Limited, a UK financial technology company regulated by the Financial Conduct Authority (FCA), has activated its principal member status with Mastercard that now enables the company to directly issue cards on the Mastercard network. Algbra currently offers its full-stack proprietary technology internationally - including core banking - through its Algbra Labs division as a B2B Fintech as a Service ('FaaS') solution, helping financial institutions and corporations build digital banking propositions from scratch. Algbra's UK platform is a live example of their enabling technology. Algbra Labs also recently built the Shoal sustainable savings platform as part of a broader strategic partnership with Standard Chartered that sees Algbra partnering to support the SCB sustainable finance book. From concept to going live, the process took four months and is now live across Apple and Google Stores with a future plan to explore issuing cards. Algbra's status as a Principal Member of Mastercard enables the company to expand its services and to provide clients with a wider range of financial solutions, leveraging Mastercard's trust, scalable and secure payments network to enable Algbra customers to use cards at over 150 million in-store and online locations worldwide. 'This is another exciting milestone in Algbra's journey; Mastercard has been a great supporter of ours since inception, and we are thrilled to be able to take that partnership to a new level' said Zeiad Idris, CEO of Algbra. 'Being a Principal Member with Mastercard further demonstrates our commitment to the highest levels of security and compliance, both for our UK customers and our international B2B clients'. 'We are thrilled to welcome Algbra as a Mastercard Principal Member. This is a reflection of our continued partnership, and we look forward to seeing how the business engages with the benefits and opportunities the programme offers, including comprehensive tools for enhancing transaction security and fraud detection', said Darren Deal, Mastercard Senior Vice President - Fintech, Government and Digital Partnership for UK & Ireland. Tom Mason, Co-Founder of Shoal added: 'We partnered with Algbra to build and launch Shoal, a proposition that helps people to grow their money without compromising their values. Algbra's partnership with Mastercard and their Principal Issuer enables us to take that vision further, faster. It opens up a host of possibilities and is a fantastic validation of the quality we knew was there.' Algbra Press Algbra Group Limited [email protected] Visit us on social media: LinkedIn Instagram Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Zawya
15-05-2025
- Business
- Zawya
Algbra Group announces new partnership with Gatehouse Bank
LONDON – Algbra Group and its Fintech-as-a-Service division, Algbra Labs, have today announced a new partnership with Gatehouse Bank to deliver the next stage of the Bank's digital transformation strategy. Gatehouse Bank is a Shariah-compliant, UK Bank offering ethical savings products for UK customers and residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Algbra Labs is a UK-headquartered financial technology company that offers its full-stack proprietary technology as a turnkey digital banking solution, having previously built Algbra's UK B2C proposition and more recently Shoal, a UK sustainable finance platform incubated out of Standard Chartered Ventures. The partnership between Gatehouse Bank and Algbra will involve creating a new digital account for overseas residents looking to invest in UK property, aiming to deliver an improved customer experience and facilitating greater investment in the UK's growing Islamic finance sector. According to Gatehouse Bank's latest research*, the UK is a leading Western hub for Islamic finance, with the sector projected to grow from an estimated US$7.5 billion in 2024 to US$9 billion by 2030. However, previous research conducted by the Bank in 2024 also revealed the prevailing untapped opportunities in the market, as over half of UK consumers of the Muslim faith have never taken out a Home Purchase Plan.** Algbra has a proven track record of building regulated digital banking platforms in the UK, including Algbra's own proposition and, more recently, the successful launch of Shoal, which partners with the Standard Chartered sustainable finance division. 'Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people', said Zeiad Idris, CEO of Algbra. Charles Haresnape, CEO of Gatehouse Bank, commented: 'While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology. 'Their expertise and innovation align perfectly with our vision for growth and we look forward to working together to deliver our common goal: to help more people seeking Shariah-compliant finance achieve their aspirations.' *This report was commissioned by Gatehouse Bank and written by Gatehouse Bank and H/Advisors Cicero. The primary research mentioned throughout anonymously surveyed 1,002 Muslim respondents and 1,004 non-Muslim respondents living in the UK between 17th and 24th May 2024. The research assessed respondents' awareness of Islamic, ethical and green finance, alongside barriers to adoption and usage. **A Home Purchase Plan is a Shariah-compliant alternative to a mortgage. About Algbra Algbra is a UK-based financial technology company fully authorised and regulated by the Financial Conduct Authority (FCA). Algbra offers its full-stack proprietary technology, including its core banking platform, through its Algbra Labs division as a Fintech-as-a-Service (FaaS) solution, helping institutions build turnkey digital banking propositions. Algbra is backed by New World Group (NWG), Standard Chartered Ventures, Beacon Ventures, the British Business Bank, and other strategic investors. Algbra's commitment to ethical, inclusive, and sustainable finance is further underscored by its B-Corp certification and its pioneering work in the ethical finance ecosystem For more information, please contact press@ visit and follow Algbra on LinkedIn and Instagram. For Algbra media enquiries please contact: press@ About Gatehouse Bank Gatehouse Bank is a Shariah-compliant ethical bank, based in London, Birmingham, Milton Keynes and Wilmslow. Gatehouse Bank offers a range of ethical savings products for UK customers, as well as residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all. @gatehousebank Gatehouse Bank Media Contacts Ashleigh Clark | E: Melissa Economou | E:
