4 years ago

Algbra Secures £3.75 Million to Promote Financial Inclusion for Minority Communities

  • Algbra, a London-based fintech startup focused on financial inclusion for minority communities, has raised £3.75 million in a seed funding round led by SFC Capital, British Business Investments, and New World Group

  • The company aims to address the financial exclusion faced by ethnic minorities and Muslims by offering ethical and transparent financial products and services

  • Algbra plans to use the funding to launch its core set of products, including current accounts, foreign exchange, and remittances, with lending products to follow.

      • ProblemFinancial Services

      "The financial services industry has been a cause of the racialised wealth and social gap, wherein ethnic minorities are at least twice as likely to face obstacles when using financial services than their white counterparts in the UK and US. This is due to values-based exclusion, racial profiling and lack of trust."

      Solution

      "Algbra is a next-generation sustainable and value-focused fintech platform that offers financial products and services that are transparent, fair and sustainable. Algbra is built to create an inclusive ecosystem that fits with the everyday financing needs of ethically-minded consumers."

      Covered on