Sums add up for ex-chancellor Hammond as he takes stake in ‘ethical fintech’ Algbra

7 September 2021

Lord Hammond, the former chancellor, is taking a stake in a London-based technology company which aims to target underserved customers with a range of financial products.

Sky News can reveal that Lord Hammond, who served as finance minister under Theresa May, is among a syndicate of investors who are backing Algbra, a new digital finance provider.

The former chancellor's involvement has emerged just weeks after he faced a public rebuke from an influential Whitehall committee for using his government connections to assist Oaknorth, another British fintech company.

Lord Hammond insisted that he had emailed a senior Treasury official simply to inform them about the COVID response assistance that Oaknorth - which he advises - was providing to customers.

His investment in Algbra adds Mr Hammond's name to a list of prominent backers, including Alastair Lukies, chairman of the UK Fintech Alliance and founder and chief executive of Pollinate International, another fintech.

Rick Haythornthwaite, the Ocado and AA chairman, is also an investor in Algbra.

"The UK has and will continue to play a significant role in the global financial landscape," Lord Hammond said.

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