- SC Ventures invests in Algbra for digital banking venture, Shoal
- Standard Chartered to acquire stake in UK ethical finance firm
- Algbra’s technology to power Shoal, replacing Starling Bank’s role
SC Ventures is acquiring a stake in Algbra and intends to utilise the technology developed by the British firm to construct Shoal, an emerging digital banking enterprise.
The FTSE-100 bank Standard Chartered, through one of its subsidiaries, is acquiring a stake in a British firm founded to offer consumers ethical financial products.
SC Ventures is expected to declare on Monday that it is investing an unspecified multimillion-dollar amount in Algbra, a venture capital firm that is backed by a multitude of prominent figures in the business and finance industries.
According to city sources, Singapore-based SCV was reportedly investing a minimum of $10 million (£8.02 million) in Algbra; however, the precise amount or the resulting valuation could not be determined.
Algbra is rumoured to have consented, as part of their partnership, to utilise its core banking infrastructure in the development of Shoal, a new digital venture that Standard Chartered Bank unveiled in 2021 with the objective of “empowering UK savers to contribute towards financing the fight against climate change.
Starling Bank was initially contracted to construct Shoal, but Algbra’s technology will now be implemented instead, according to a fintech insider.
Algebra avoided providing a comment.
The investment is SC Ventures’s initial infusion into a company situated in the United Kingdom.
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As opposed to competition, it highlighted a growing trend towards alliances between major banks and fintechs, according to sources.
Alastair Lukies, a prominent personality in British fintech, Lord Hammond, the former chancellor of the exchequer, and Rick Haythornthwaite, the chairman of the NatWest Group and AA, are among the current investors in Algbra.
Algbra, which is regulated and authorised by the Financial Conduct Authority, was established by Zeiad Idris and Fizel Nejabat in collaboration.
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