Algbra Receives B Corp Certification
Algbra, the international ethical and Sharia-compliant technology platform, has achieved the prestigious status of a B Corp following a demonstration of its commitment to the highest ESG standards through its UK finance app.
This achievement establishes Algbra as one of the select few financial institutions in the UK that have secured this distinction. Notably, Algbra holds the distinction of being the first FCA-authorised payments firm to attain this status. Moreover, on a global scale, it stands as the pioneering ethical, sustainable, and Sharia-compliant fintech company to achieve B Corp certification.
Algbra underwent a thorough certification process administered by B Lab, a nonprofit organisation dedicated to evaluating companies' social and environmental performance, as well as their transparency and accountability. This process encompassed an assessment of key metrics.
Algbra went beyond the basics by incorporating a commitment to considering the impact of decisions on all stakeholders directly into its Articles of Association. Furthermore, the company signed the B Corp Agreement and Declaration of Interdependence. Impressively surpassing the requisite score of 80 points, Algbra secured a score of 121.6, significantly above the average.
The Distinctive B Corp Certification
Certified B Corporations, or B Corps, represent enterprises that have undergone scrutiny by B Lab to ensure they meet rigorous standards for social and environmental performance, transparency, and accountability.
To obtain and uphold B Corp certification, Algbra, along with all other B Corps, had to accomplish the following:
Successfully complete the B Impact Assessment with a verified total score of 80 or more points.
Fulfill the B Corp legal requirement by amending their Articles of Association to incorporate a commitment to considering the impact of decisions on all stakeholders.
Agree to the B Corp Agreement and the Declaration of Interdependence.
Publicly disclose their impact score on the B Lab Directory and engage in recertification every three years.
Proudly Adopts the B Corp Emblem
Algbra takes immense pride in displaying the B Corp logo. This emblem serves as a potent symbol of Algbra's dedicated mission to utilise ethical finance as a catalyst for a more just and sustainable world.
Enduring Mission
The acquisition of B Corp status further underscores Algbra's mission to foster a more equitable and sustainable society through impactful and high-quality financial technology. Algbra is committed to realising this vision by providing the necessary infrastructure and technological solutions to democratise financial services across the globe.
Central to Algbra's mission is addressing the plight of the 1.7 billion individuals worldwide who remain excluded from financial systems. Algbra's proprietary technology, painstakingly developed by its team of engineers, aims to enable banks in emerging economies to offer mobile digital banking that is accessible to all.
Uncompromising Ethical Solutions
Algbra has ingeniously designed its offerings to eliminate the need for customers to choose between their ethical values, sustainability concerns, and the quality of service they receive.
Beyond the standard features of a finance app, Algbra provides a plethora of offerings, including cutting-edge solutions for carbon tracking and offsetting, tools to enhance financial well-being, investment opportunities, lending services, and a platform for making charitable donations.
All these services are underpinned by carbon-neutral cloud computing. Algbra is resolute in ensuring that none of its customers' funds are channelled into environmentally or socially detrimental industries.
In harmony with its social mission, Algbra commits to donating 10% of its profits through its charitable foundation, Algbra X, to empower marginalised communities. Furthermore, Algbra holds accreditation as a living wage employer.
Remarkable User Experience Powered by Proprietary Tech
Algbra's exceptional user experience is made achievable through its distinctive proprietary tech infrastructure. The Algbra app boasts the versatility to adapt, localise, and scale to suit diverse markets and customer segments.
Algbra Labs: Propagating Algbra's Reach Worldwide
Algbra has now extended its solution to global banks seeking to offer advanced mobile digital services to their customers. Algbra's B2B proposition enables banks across the world to access its technology and expertise. For financial institutions aiming to digitise or amplify their impact, Algbra Labs is ready to assist through its cutting-edge full-suite fintech-as-a-service (FaaS) platform.
Fintech-as-a-Service (FaaS) Solution
Distinct from conventional BaaS solutions, Algbra's Fintech-as-a-Service (FaaS) addresses vital fintech functions such as customer UX/UI, customer service, KYC/AML, and regulatory reporting. Algbra's FaaS is a comprehensive offering that covers all the essential components needed for a digital banking service.
Unlike traditional BaaS providers, which are often constrained by a fixed tech stack due to vendor lock-in, Algbra's solution boasts global scalability while remaining adaptable to local requirements.
Algbra's FaaS includes:
Customer-facing channels like mobile and web apps.
Core architecture for processing data, payments, and product functionalities, including lending.
A back-office dashboard for comprehensive customer lifecycle management.
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Source: Algbra
