Algbra
Algbra is a UK-based FCA-authorised ethical and Sharia-compliant digital banking platform offering ethical savings, multi-currency accounts, a debit card, carbon tracking, and a £10/month Borderless plan for non-UK residents, built on ClearBank infrastructure and distributed via consumer app and B2B partnerships.
- Company typePrivate
- Founded2020
- HeadquartersManchester, United Kingdom
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Algbra does
Algbra is a UK-based, FCA-authorised (FRN 952360) ethical and Sharia-compliant digital banking platform founded in 2020, headquartered in London with operations in Manchester. The company operates a mobile-first consumer app distributed via the Apple App Store and Google Play Store, offering ethical savings, multi-currency accounts, Mastercard debit cards (with Apple Pay and Google Wallet), carbon-footprint tracking (Planet Impact), charitable donations, and a Borderless plan priced at £10/month for non-UK residents. Ethical Saver Cubes are provided through Shoal Limited and FSCS-protected up to £120,000 via Standard Chartered Bank membership.
The platform is built on ClearBank's API-led banking infrastructure, with Algbra Labs (a wholly-owned technology subsidiary) now extending into Fintech-as-a-Service offerings (card issuance, BIN sponsorship, digital accounts, cross-border payments) for ClearBank's licensed financial institution clients following a February 2026 Tech Alliance Partner certification. Algbra maintains strategic and capital partnerships with SC Ventures/Standard Chartered (since April 2024) and Gatehouse Bank (since January 2026) for B2B2C customer referrals in the UK property finance vertical.
The business model combines a freemium consumer app, a £10/month Borderless subscription, Sharia-compliant profit-sharing on financial products, and emerging FaaS service fees from institutional clients. The company is B Corp certified, has completed four funding rounds totalling approximately $11.4M in disclosed capital, employs 51–200 people per LinkedIn, and has been recognised with the 2023 Pay360 Award for Best ESG Initiative in Payments and the 2026 Banker Islamic Banking Award for Most Innovative Mortgage Product.
Algbra firmographics
Firmographics- Name
- Algbra
- Legal name
- Algbra FS UK Limited
- Website
- https://algbra.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Algbra is a UK-based FCA-authorised ethical and Sharia-compliant digital banking platform offering ethical savings, multi-currency accounts, a debit card, carbon tracking, and a £10/month Borderless plan for non-UK residents, built on ClearBank infrastructure and distributed via consumer app and B2B partnerships.
- Ownership category
- akta.pro rank
Algbra industry classification
Industry- Product category
- Ethical Digital Banking
- NAICS
- Credit Card Issuing (522210), Depository Credit Intermediation (5221)
- SIC
- Finance Services (6199), Personal Credit Institutions (6141)
- akta.pro primary industry
- Embedded Deposit Accounts & Digital Wallet Infrastructure (FSAGALAE)
- akta.pro secondary industries
- Embedded Card Issuing & Card-as-a-Service (FSAGALAC), Travel Money Cards & Multi-Currency Prepaid (FSAMANAI), Virtual Card Issuance & Tokenized Corporate Cards (THACAJAA), Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH)
Keywords
Where Algbra is headquartered
LocationHeadquarters
- HQ city
- Manchester
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Algbra business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Subscription - Borderless Plan: The Borderless Plan is a paid subscription at £10/month providing a UK payment account for non-UK residents with multi-currency capabilities and no borders.
- Standard Account (Free Tier): The Standard plan is offered for free, providing ethical savings, multi-currency support, transfers, cards, and other core features. This serves as the entry-level tier for customer acquisition.
- Interest-Free Financial Products: Algbra offers transparent, accessible, interest-free products. As a Sharia-compliant fintech, revenue is generated through profit-sharing arrangements rather than interest, consistent with Islamic finance principles.
- Fintech as a Service (FaaS) Platform: Algbra Labs provides technology and regulated service capabilities to ClearBank's licensed clients, including card issuance, digital account issuance, cross-border payments, and multi-currency services. Revenue derived from service fees charged to institutional clients using the FaaS platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Free tier providing core ethical banking features including ethical savings, multi-currency accounts, transfers, cards, and donations. |
| Subscription | Monthly | £10/month paid plan for non-UK residents needing a UK payment account with multi-currency support. |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels9 records
Algbra product offering
Product offeringCore offering
Algbra is a UK FCA-authorised digital ethical and Sharia-compliant fintech that provides a mobile-first banking app featuring Ethical Saver Cubes (ESG-focused savings with FSCS protection up to £120,000 via Standard Chartered Bank), multi-currency accounts, a Mastercard debit card, a Borderless Account for non-UK residents, Planet Impact carbon tracking, and charitable donations. Through its Algbra Labs division, it also delivers a Fintech-as-a-Service (FaaS) platform offering card issuance, BIN sponsorship, digital account issuance, cross-border payments, and multi-currency services to other licensed financial institutions.
Product overview
Algbra is a UK-based ethical and sharia-compliant fintech platform offering a suite of digital banking and financial services. The platform operates through two tiers: the Standard plan (free) includes core services like the Ethical Savings Account, Multi-currency Account, and Algbra Card; the Borderless plan (£10/month) adds UK payment accounts for non-UK residents. Key integrated products include Ethical Saver Cubes (provided by Shoal Limited) for ESG-focused savings, Planet Impact for carbon footprint tracking, and Algbra Donations for charitable giving. The Algbra Labs division provides Fintech-as-a-Service (FaaS) to enterprise clients. The platform is built on ClearBank's API-led banking infrastructure and regulated by the FCA under FRN 952360, with FSCS protection up to £120,000 for eligible deposits. The company positions itself as a values-based ecosystem at the intersection of ethics, finance, and technology.
Differentiator
Problem solved
Functional benefit
Brands
- Shoal: ESG-focused savings platform that became available in the Apple App Store, enabling customers to grow savings while supporting environmental and social impact. Provided by Shoal Limited in partnership with Standard Chartered.
Products and services
- Ethical Savings Account A Sharia-compliant savings account aligned with ethical and ESG principles, allowing customers to earn profit while supporting sustainable development globally. Funds held in Ethical Saver Cubes are protected by the FSCS up to £120,000 via Standard Chartered Bank membership.
- Multi-currency Account A multi-currency account offering transparent, accessible, interest-free products with no hidden fees or surprises, supporting multiple currencies within a single app. Included free with the Standard plan.
- Algbra Card A Mastercard debit card issued by Algbra FS UK Limited, addable to Apple Pay and Google Wallet for seamless in-store and online payments.
- Ethical Saver Cubes Dedicated savings cubes providing ESG-focused savings products with FSCS protection up to £120,000 via Standard Chartered Bank membership, enabling customers to earn profit while supporting sustainable development globally.
- Borderless Account A UK payment account for non-UK residents priced at £10/month, supporting multiple currencies with no borders and providing UK sort code, account number, and debit card functionality for property finance and cross-border banking.
- Algbra Donations An in-app feature enabling users to donate money to charitable causes they believe in, integrated into the Algbra banking platform.
- Planet Impact (Carbon Tracking) A carbon calculator feature that measures, monitors, and offsets the carbon footprint of customer transactions, supporting environmental and social impact goals through the Algbra app.
- Bank Transfers Standard bank transfer functionality enabling customers to send and receive money using UK sort code and account number, including for home finance payments.
- Algbra Labs (Fintech-as-a-Service) The technology division of Algbra providing Fintech-as-a-Service (FaaS) platform capabilities, including card issuance and BIN sponsorship programmes, digital account issuance, customer support operations, cross-border payments, and multi-currency services to ClearBank's licensed financial institution clients.
Quantifiable outcome
- Shoal ESG-focused savings platform launched in less than four months using ClearBank infrastructure
- +1 more outcomes
Companies that use Algbra
Customer profileNamed customers1 record
Ideal customer profiles3 records
Algbra technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature6 records
Algbra partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and supporting.
- ClearBankcoreClearBank provides the banking infrastructure that enabled Algbra to rapidly launch its ESG-focused savings platform (Shoal) in less than four months. ClearBank's API-led, regulatory-compliant services support Algbra's operations. In February 2026, Algbra Labs was certified as a Tech Alliance Partner by ClearBank, enabling Algbra to activate and support technology for ClearBank-enabled financial services and to support ClearBank's licensed clients with both technology and regulated service capabilities.
- Gatehouse BankcoreGatehouse Bank, one of the UK's leading Sharia-compliant finance and mortgage providers, partnered with Algbra to resolve a common challenge for overseas residents buying UK property: the need for a UK payment account. Under the partnership, Gatehouse Bank customers can apply for an Algbra UK payment account as part of the home finance process, facilitating bank transfers, direct debits, and debit card access for managing home finance payments. The partnership was awarded Most Innovative Mortgage Product at The Banker Islamic Banking Awards 2026.
- Shoal LimitedcoreShoal Limited is the provider of the Algbra Ethical Saver Cubes savings product. Shoal is not regulated by the FCA or PRA but relies on appropriately regulated third parties to provide services. The sustainable finance portfolio and FSCS protection for Algbra Ethical Saver Cubes are provided by Standard Chartered Bank, with Shoal operating as the underlying savings mechanism. Shoal is integrated into Algbra's platform as the ESG-focused savings offering.
- MastercardsupportingAlgbra FS UK Limited is a Principal member of Mastercard International Incorporated. The Algbra Card is issued by Algbra FS UK Limited as a Principal member of Mastercard. MasterCard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated. Mastercard's payment network enables Algbra's debit card functionality, including integration with Google Wallet and Apple Pay.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Algbra competitors and assessment
Company assessmentDirect peers
- Wahed Invest: Global Sharia-compliant digital investment and finance platform. Direct comparable to Algbra in serving ethical/Islamic consumers with regulated, digital-first financial products.
- Bunq: European digital bank marketed on ethical, sustainable, and user-friendly positioning. Comparable to Algbra as a values-led, mobile-first neobank competing for the ethical consumer segment.
- Gatehouse Bank: UK Sharia-compliant bank and Algbra's primary referral partner. Operates in the same UK Islamic-finance niche, and the joint award-winning product ties the two together operationally.
Broad incumbents
- Al Rayan Bank: Largest UK Sharia-compliant retail bank. Competes with Algbra for UK Islamic banking customers but as an established incumbent with a full retail branch and product footprint.
- Triodos Bank: Established European ethical and sustainable bank. Overlaps with Algbra on ESG/sustainability-led banking positioning, but operates a much larger deposit and lending franchise.
- Revolut: UK-headquartered global digital bank with multi-currency accounts, cards, and Apple Pay/Google Wallet support. Competes with Algbra for the same UK digital-banking consumer and on multi-currency functionality.
- Starling Bank: UK digital challenger bank offering current accounts, cards, and FSCS-protected deposits. Competes directly with Algbra for UK primary-banking relationships and the ethical consumer segment.
Others
- ClearBank: UK clearing bank and Algbra's core infrastructure partner (BaaS rails). Comparable as an enabling ecosystem participant powering Algbra's regulated deposits and payment accounts.
Emerging players
- Solaris SE: European embedded finance / Banking-as-a-Service platform. Direct comparable to Algbra Labs' FaaS offering for card issuance, accounts, and cross-border payments to financial institution clients.
- Treezor: European BaaS provider offering card issuance, e-money, and account services. Comparable to Algbra Labs as an embedded-finance competitor targeting licensed FI and fintech clients.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Algbra social profiles
Digital presenceAlgbra compliance and trust
Trust signalCompliance4 records
Algbra financial estimates
Financial estimateRevenue estimate
Valuation estimate
Algbra leadership team
Management profileNumber of profiles
Profiles4 records
Algbra subsidiaries and ownership
Company hierarchySubsidiaries2 records
Algbra funding detail
Funding detailFunding overview
Funding rounds4 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Algbra M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Algbra
What does Algbra do?
Algbra is a UK FCA-authorised digital ethical and Sharia-compliant fintech that provides a mobile-first banking app featuring Ethical Saver Cubes (ESG-focused savings with FSCS protection up to £120,000 via Standard Chartered Bank), multi-currency accounts, a Mastercard debit card, a Borderless Account for non-UK residents, Planet Impact carbon tracking, and charitable donations. Through its Algbra Labs division, it also delivers a Fintech-as-a-Service (FaaS) platform offering card issuance, BIN sponsorship, digital account issuance, cross-border payments, and multi-currency services to other licensed financial institutions.
Is Algbra a public or private company?
Algbra is a private company. It is classified as venture growth investor backed and is currently operating.
When was Algbra founded?
Algbra was founded in 2020. It employs 11 to 50 people.
Where is Algbra based?
Algbra is headquartered in Manchester, United Kingdom, in the Europe region.
How does Algbra make money?
Four revenue lines are on record. Subscription - Borderless Plan is the primary driver. The others are standard Account (Free Tier), interest-Free Financial Products and fintech as a Service (FaaS) Platform.
Who are Algbra's main competitors?
Direct peers on record are Wahed Invest, Bunq and Gatehouse Bank. Broad incumbents are Al Rayan Bank, Triodos Bank, Revolut and Starling Bank. ClearBank is listed as an others. Emerging players are Solaris SE and Treezor.
Does Algbra have an API?
No public API is recorded for Algbra.
What industry is Algbra in?
Algbra's product category is Ethical Digital Banking. Its primary akta.pro industry code is FSAGALAE, Embedded Deposit Accounts & Digital Wallet Infrastructure, with a secondary code of FSAGALAC, Embedded Card Issuing & Card-as-a-Service. Its NAICS code is 522210 and its SIC code is 6199.