Algbra FS UK 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.”
