Algbra, a leading company in the FinTech industry, has recently announced a milestone partnership with Mastercard, which includes joining the payment network’s Priceless Planet coalition.
The announcement was made at Algbra: Decoded, an exclusive event hosted last week where the work of the FinTech over the past year was unveiled and where speakers included Lord Philip Hammond, former Chancellor of the Exchequer and Kelly Devine, President of UK and Ireland at Mastercard.
The terms of Algbra’s partnership with Mastercard includes support to grow Algbra’s card business as well as across global marketing projects. Algbra also joins the established community of worldwide financial institutions that are part of Mastercards’ network, as a direct participant, and will become an active member of the Priceless Planet Coalition – Mastercard’s global move to unite the efforts of merchants, banks, cities and consumers to make meaningful investments in preserving the environment.
Algbra, the world’s most ethical financial application, has been built to be inclusive, scalable, and to create borderless connections between communities. It is fully Shariah-compliant and prioritises making remittances faster and cheaper for communities across the MENA region. The company is a leader in focusing on values and has led the way in its initiative of requiring its technology partners to sign up to their ethical standards, including clarity on where consumers’ money is held and spent.
Zeiad Idris, CEO of Algbra, said: “We are delighted to join forces with Mastercard in our shared mission to reach and positively impact communities around the world. Algbra is building a category-defining business that places communities and impact at its core, and this is made all the easier by partnering with a partner who understands, believes in, and invests in our vision.”
Kelly Devine, President, UK and Ireland at Mastercard, said: “With the UK at the centre of global Fintech innovation, this is a truly exciting time for the industry, and I welcome our new partnership with Algbra. Our missions are very much aligned: Algbra are using technology to innovate and deliver enhanced customer experience, but also focusing on people’s own values, and enshrining ethics and sustainability at the heart of their proposition. Together we can make a positive difference to customers both here in the UK, and all over the world”.
Lord Philip Hammond, said: “This announcement marks a historic moment not just for Algbra, but for the future of a values-driven financial services sector. Consumers and communities are demanding that their financial products do more, particularly on issues relating to ESG, inclusion and sustainability. Algbra, with its grounding in communities and exceptional technological capabilities, is very well positioned to fast become a sector leader in this space”.
Algbra offers customers a comprehensive product repertoire, powered by an exceptional user interface that includes current accounts and savings products, foreign exchange, and remittances. The company will also be launching, in the near future, real-estate backed tokens, home purchase and buy-to-let plans, insurance services, and ethical decentralised finance.
