Standard Chartered’s (LSE: STAN) venture capital arm, SC Ventures, is investing in UK-based fintech company Algbra, reports Sky News.
The multi-million dollar deal (at least $10 million) will see Algbra’s technology used to build Standard Chartered’s new sustainable banking platform, Shoal.
Shoal, aimed at combating climate change, was initially planned with Starling Bank. This investment marks SC Ventures’ first foray into a UK fintech company and highlights a growing trend of collaboration between traditional banks and fintechs.
Algbra, known for its ethical and sharia-compliant financial products, is backed by prominent figures including former Chancellor Lord Hammond and fintech leader Alastair Lukies.
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