← Embedded Finance Index 2026

Algbra Labs

“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?”

Founded2020
HQLondon, United Kingdom
Total raised£3.75M+ (seed) plus undisclosed bridge
Latest roundBridge round (undisclosed)
IndustryInfrastructure / BaaS
The story

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.

Last 12 months
2025-05
2025-08
2025-08
2025
Product timeline
2020
Algbra FS UK Limited incorporated (company no. 12629086)· founding
2021
Seed round raised £3.75M+ from investors including Lord Hammond and Rick Haythornthwaite· funding
2023
UK B2C app launched; awarded Pay360 ESG Initiative of the Year; achieved B Corp status — first FCA-authorised Sharia-compliant fintech to do so· banking
2023
Algbra Labs Fintech-as-a-Service division launched, building Shoal for Standard Chartered Ventures· pivot
2025
Strategic FaaS partnership with Gatehouse Bank announced for Shariah-compliant digital transformation· partnership
2025
Channel partnership with ClearBank to integrate agency banking, faster payments, virtual accounts· partnership
2025
FaaS partnership with Moka United (İşbank) to launch RUUT in the UK· partnership
2025
Joined ClearBank Tech Alliance Partner programme· partnership
Regulated entities
1
regulatory licence held by Algbra Labs
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
9 layers disclosed in Algbra Labs’s embedded-finance stack
Payments / PSP
Algbra Labs (self-operated card issuing & processing)
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: minor
11 more providers across 8 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.