Former Chancellor Lord Philip Hammond – Backs Algbra’s Quest to Deliver Sustainable and Values-Based Finance

13 September 2021

LONDON, September 13, 2021 Algbra, a sustainable and values-focused digital finance provider dedicated to providing ethical finance solutions and promoting financial wellbeing, has attracted a wide range of high-profile backers. The Seed investment round, led by New World Group and SFC Capital earlier this year, was oversubscribed.

Lord Philip Hammond, former Chancellor of the Exchequer and Foreign Secretary, has joined a number of new investors in Algbra’s recently launched Bridge investment round, which has also attracted: Rick Haythornthwaite, former Chairman of Mastercard (2006-2020) and current Chairman of The AA; Sir Michael Lockett KCVO, Chairman of Audley Consulting; Alastair Lukies CBE, Chairman of the UK Fintech Alliance and Founder & CEO of Pollinate International; and Jeffrey Cruttenden, Co-Founder of Acorns.

Founded by Chief Executive Officer Zeiad Idris and Chief Operating Officer Fizel Nejabat, Algbra’s much anticipated public UK launch - with their proprietary tech stack – will take place in early 2022 with a set of inclusive products and services that includes accounts, foreign exchange, remittances and rewards, with finance products - including ethical mortgages - to follow.

The latest group of investors join an existing group of strategic backers that include Nicolas Huss, formerly CEO of Ingenico Group and VISA Europe; Marika Svärdström, formerly Head of Venture Capital at Legal & General and SVP at Khazanah Europe; Shabir Randeree CBE, founding investor in the Islamic Bank of Britain; Lena Tan, Director of 7-Eleven in Malaysia; Eamon Jubbawy; Co-Founder and COO of Onfido; Amir Nooriala, formerly COO of OakNorth Bank; Claire Valoti, VP of International at Snapchat; Humayun Sheikh, Co-Founder of Fetch.AI and founding Investor in DeepMind; and Salaam bin Said Al Shaksy, CIO of Oman Arab Bank and formerly CEO of Dubai Banking Group.

Zeiad Idris, Co-Founder and CEO, Algbra: "Our latest group of investors and advisors provide us with the expertise and guidance to deliver world-class solutions to a global market. Their passion for a more equitable and sustainable society is a source of encouragement as we seek to implement our vision."

Fizel Nejabat, Co-Founder and COO, Algbra: "Over the past year we have put a lot of work into developing institutional foundations for a globally scalable and market-leading fintech. As the UK plans to maintain and develop its competitive edge in a post-Brexit and post-Covid world, Algbra seeks to lead the way."

Lord Philip Hammond: "The UK has and will continue to play a significant role in the global financial landscape. Utilising Britain’s leading expertise across technology, regulation and finance, UK fintechs will enable major boosts not only to the British economy but to infrastructure and economies worldwide. I’m thrilled to be supporting Algbra in this endeavour, in particular their quest to make a global imprint on balancing the financial system to be more sustainable and accessible."

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