“Can a values-driven Sharia-compliant neobank turn its in-house banking stack into the go-to Fintech-as-a-Service platform for diaspora and ethical-finance brands worldwide?”
Algbra started as a UK B2C ethical, Sharia-compliant neobank operating on its own FCA EMI licence (Algbra FS UK Limited), with the consumer account originally issued by Modulr and cards by TPL Gibraltar. In 2023 it spun up Algbra Labs as a Fintech-as-a-Service division, monetising its proprietary banking stack as a turnkey platform — first by building Shoal for Standard Chartered Ventures, then powering Gatehouse Bank's overseas-resident proposition and Moka United/İşbank's RUUT UK launch. The 2025 ClearBank channel + Tech Alliance partnership marks Algbra's transition into a B2B2C banking infrastructure player wrapping ClearBank rails with its own UX, KYC, cards and ledger.
Algbra Labs discloses Algbra FS UK Limited (in-house) + ClearBank (agency banking) + Modulr (legacy B2C consumer account) + TPL Gibraltar (legacy card issuer) as its banking provider, with ClearBank (UK clearing/agency banking partner), Modulr FS Limited (legacy EMI for B2C account), Gatehouse Bank (Sharia-compliant property finance partner) and Standard Chartered Bank (custody/banking for Shoal) as its sponsor banks, according to the Embedded Finance Index 2026.
Algbra Labs does not disclose a bank charter of its own; its banking services are provided through ClearBank (UK clearing/agency banking partner), Modulr FS Limited (legacy EMI for B2C account), Gatehouse Bank (Sharia-compliant property finance partner) and Standard Chartered Bank (custody/banking for Shoal).
Algbra Labs processes payments through Algbra Labs (self-operated card issuing & processing). Disclosed money-movement rails: Faster Payments.
Algbra Labs's cards are issued through Algbra Labs (self_issued) + TPL (Gibraltar, legacy).
Algbra Labs's lending and capital products are provided by Gatehouse Bank (partner, Sharia-compliant property finance).
Algbra Labs runs its ledger on Algbra Labs proprietary (in-house).
Algbra Labs connects to bank accounts through Algbra (in-house open banking for top-up and account verification).
Algbra Labs uses Algbra Labs (in-house multi-currency) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 9 layers in Algbra Labs's stack: Payments / PSP (Algbra Labs (self-operated card issuing & processing)); Money movement (Faster Payments); Banking / BaaS (Algbra FS UK Limited (in-house) + ClearBank (agency banking) + Modulr (legacy B2C consumer account) + TPL Gibraltar (legacy card issuer)); Card issuing (Algbra Labs (self_issued) + TPL (Gibraltar, legacy)); Ledger (Algbra Labs proprietary (in-house)); Lending (Gatehouse Bank (partner, Sharia-compliant property finance)); Open banking (Algbra (in-house open banking for top-up and account verification)); Sponsor bank (ClearBank (UK clearing/agency banking partner), Modulr FS Limited (legacy EMI for B2C account), Gatehouse Bank (Sharia-compliant property finance partner) and Standard Chartered Bank (custody/banking for Shoal)); FX & payouts (Algbra Labs (in-house multi-currency)).
Algbra Labs is founded in 2020 and headquartered in London, United Kingdom.
Algbra Labs has raised £3.75M+ (seed) plus undisclosed bridge in total (latest round: Bridge round (undisclosed)).
Get a read on where your own stack stands against Algbra Labs and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.