Algbra unveils its comprehensive values-focused and climate-impact fintech with strategic Mastercard partnershipFebruary 3, 2022 | By James Thorpe
LONDON, 3 February 2022; Algbra, a comprehensive values-focused and climate-impact FinTech, announced a milestone partnership with Mastercard yesterday evening, including joining the payment network’s Priceless Planet Coalition. Algbra’s ground-breaking proposition has inclusivity, ethics and sustainability at its heart and requires all partners to sign up to its ethical standards, including clarity on where consumers’ money is held and spent. In partnership with Mastercard and Doconomy, Algbra’s offering includes a sustainable card; the ability to make direct charitable donations to UK-registered charities; carbon and water tracking to review the impact of purchases; and the option to offset customers’ carbon footprint with ease.
The announcements were made at Algbra: Decoded, an exclusive event hosted at the Design Museum that unveiled the work of the FinTech over the past year and featured Lord Philip Hammond, former Chancellor of the Exchequer and Kelly Devine, President of UK and Ireland at Mastercard.
The wide-ranging Mastercard partnership includes support to grow Algbra’s card business and, in due course, global marketing projects. Algbra has agreed to join the established community of worldwide financial institutions that are part of Mastercards’ network, as a direct participant, and will also join the Priceless Planet Coalition – Mastercard’s global move to unite the efforts of merchants, banks, cities and consumers to make meaningful investments in preserving the environment.
The two companies are aligned in their global quest to connect diverse communities to the banking system and have an already established history of working together. Algbra recently partnered with Mastercard to author “Helping the Financially Overlooked: Lifestyle and Values Banking”, a report that highlighted the growing demand from consumers to bank in accordance with their principles, values and lifestyles, an increasingly important demographic in the context of achieving global financial wellness and connectivity.
Zeiad Idris, CEO of Algbra, said: “Algbra is building a category-defining business that places communities and impact at its core, and we are delighted to have shared this vision with the world at Algbra: Decoded. It’s made all the easier by having a partner like Mastercard that has such a clear joint mission to reach and positively impact communities around the world, whilst also understanding, believing in, and investing in our vision”.
Kelly Devine, President, UK and Ireland at Mastercard, said: “With the UK at the centre of global Fintech innovation, this is a truly exciting time and I welcome our new partnership with Algbra. Our missions are very much aligned. Algbra are using technology to innovate and deliver enhanced customer experience, but also focusing on people’s own values, and enshrining ethics and sustainability at the heart of their proposition. Together we can make a really positive difference to customers both here in the UK, and all over the world”.
Lord Philip Hammond, said: “This evening marks a historic moment not just for Algbra, but for the future of a values-driven financial services sector. Consumers and communities are demanding that their financial products do more, particularly on issues relating to ESG, inclusion and sustainability. Algbra, with its grounding in communities and exceptional technological capabilities, is very well positioned to fast become a sector leader in this space”.
Algbra is a next generation fintech platform headquartered in London, leveraging state-of the-art technology, working with tier one partners and operating within the UK regulatory framework. The Algbra platform is built to create a values-based ecosystem that fits with the everyday financing needs of ethically-minded consumers, offering products and services that have the following principles at its heart – transparency, fairness, sustainability and non-interest based finance. Combining grassroots community understanding with global expertise, Algbra will serve communities around the world to enhance financial wellbeing globally and actively facilitate global social mobility.
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About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.