Established in 2020 by Zeiad Idris and Fizel Nejabat, Algbra is a Sharia-compliant fintech that was granted authorization as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) in 2022, following around 18 months of development.

The startup provides a money management software with features like financial wellbeing tools and carbon tracking and offsetting for ethically conscious users.

In addition, the business offers financial institutions a B2B Fintech-as-a-Service (FaaS) solution that leverages its full-stack proprietary technology to help them develop their own digital banking products.

The fresh money, the specifics of which have not been made public, is intended to "accelerate the delivery" of Algbra's FaaS solution worldwide "and enhance our customer proposition in the UK," the company explained in a LinkedIn post.

Algbra has also teamed with Shoal, a savings platform from SC Venture that focuses on climate change, as part of the agreement.

Shoal "will use Algbra's technological capabilities to distribute its products to UK retail customers while Algbra will incorporate Shoal as part of its ESG-centric B2B solutions globally," according to SC Ventures.

The companies claim that as Shoal and Algbra are both B-Corp certified enterprises seeking to support sustainable finance and development, their new relationship is based on a shared objective.

The news that SC Ventures and SBI Holdings, a major player in the Japanese financial industry, would be collaborating to establish a digital assets investment business in the United Arab Emirates, was first reported last year.