Algbra gets certified as a B Corp!

30 August 2023

It’s official, Algbra is a B Corp!

Algbra, the global ethical and sharia compliant technology platform with its UK finance app, has been certified as a B Corp after demonstrating its credentials of the highest ESG standards.

This makes Algbra one of the few financial institutions in the UK to achieve this status, including being the first FCA authorised payments firm, and the first ethical, sustainable, and Sharia-compliant fintech globally to have done so.

Algbra successfully undertook a rigorous certification process conducted by B Lab, a nonprofit organisation, which evaluated Algbra's performance across key metrics relating to social and environmental performance, transparency and accountability. This included amending the company’s Articles of Association to embed a commitment to consider the impact of decisions on all stakeholders and signing the B Corp Agreement and Declaration of Interdependence. Requiring a minimum score of 80 points, Algbra achieved a score of 121.6, significantly higher than the average.

Proud to be a B Corp

Certified B Corporations, or B Corps, are companies verified by B Lab to meet high standards of social and environmental performance, transparency and accountability.

To achieve and maintain certification, Algbra and all other B Corps, have:

  1. Completed the B Impact Assessment and achieved a verified total score of 80+ points.
  2. Met the B Corp legal requirement – amending Articles of Association to embed a commitment to consider the impact of decisions on all stakeholders.
  3. Signed the B Corp Agreement and the Declaration of Interdependence.

They also publicly list their impact score on the B Lab Directory and recertify every 3 years.

Algbra wears the B Corp logo with pride. It is an important signal from Algbra about its purpose-led mission to, through ethical finance, help bring about a more equitable and sustainable world.

Algbra’s mission

Algbra’s newly acquired B Corp status is further recognition of its mission to create a more equitable and sustainable society through high-quality, impact-driven financial technology. Algbra does this by delivering the infrastructure and technologies required to democratise financial services across the world.

Core to Algbra’s mission are the 1.7 billion people across the world who are currently financially excluded. Algbra’s proprietary technology, built-in-house by its team of engineers, is designed to be used by banks across the emerging world to make mobile digital banking accessible to all.

Algbra’s no-compromise ethical solution

With Algbra, customers do not need to compromise between their ethics, sustainability and quality of service.

Algbra comes equipped with all that you would expect from a finance app, and more. In addition to staples like analytics, Apple/Google Pay, and transfers, Algbra offers market-leading 1.5% cashback on all card spending.

On top of that, Algbra includes impact solutions, like carbon tracking and offsetting, financial wellbeing tools, investments, lending and a donations platform. All of this is powered on carbon neutral cloud computing. Algbra also makes sure that none of its customers’ funds are invested in any environmentally or socially damaging industries.

As part of Algbra’s social mission, Algbra has committed to donate 10% of its profits through its charitable foundation, Algbra X, to empowering overlooked communities. Algbra is also an accredited living wage employer.

Algbra’s incredible customer experience is made possible by its proprietary tech infrastructure.  The Algbra app has the agility to flex, localise and scale to suit any market or customer segment.

Algbra Labs: Bringing Algbra to the world

 Algbra have now made their solution available globally to banks that want to provide a cutting-edge mobile digital service to customers. Algbra’s B2B proposition allows banks across the world to access its technology and expertise. For financial institutions that are seeking to digitise or increase their impact, Algbra Labs is able to assist on their journey through its industry-leading full-suite fintech-as-a-service (FaaS) platform.

Algbra’s Fintech-as-a-service (FaaS) solution

Traditional BaaS solutions seldom include key fintech functions, like customer UX/UI, customer service, KYC/AML and regulatory reporting. Algbra solves for this by offering Fintech-as-a-Service (FaaS) covering all the main components needed for a digital banking offering.

While traditional BaaS providers typically have a rigid tech-stack due to vendor lock-in, which makes it more difficult to amend the product to meet local customer and regulatory requirements, Algbra is globally scalable and locally tailorable.

Algbra fixes these problems by offering Fintech-as-a-Service (FaaS). This incorporates the three key ingredients a digital banking proposition:

⭐️ Customer facing channels like mobile and web apps.

⭐️ Core architecture to process data, payments and products including lending

⭐️ A back-office dashboard for full customer lifecycle management.

It's now time for a new generation of banking technology which is globally scalable and locally deployable, like Algbra.

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