LONDON–(BUSINESS WIRE)–Algbra, a sustainable and values-focused digital finance innovator dedicated to providing ethical money solutions and promoting financial wellbeing, has announced a partnership with Marqeta. Marqeta is the global modern card issuing and payments processing platform, that empowers its partners to create customised and innovative payment cards, giving them the ability to build more configurable and flexible payment experiences.
Through this new partnership, Algbra will leverage Marqeta’s open API technology to enable payments via its ethical finance app. The Algbra app’s features include a carbon footprint calculator for purchases, the easy ability to offset that carbon, transparent fixed rate fees and spending round-ups for good causes. This is underpinned by the company’s commitment for 10% of its profits to be directed to community projects. The partnership reflects a growing demand in the financial sector for digital solutions capable of supporting ethical and environmental objectives.
Algbra and Marqeta share similar commitments to achieving ESG and CSR goals. One of Algbra’s founding beliefs is that customer funds should not be invested in industries that cause social harm, but instead engaging with industries that do good, such as renewable energy, nature protection and sustainable products. The company only works with partners and suppliers who align with this ethical approach to business.
Zeiad Idris, CEO of Algbra, said: “Algbra was founded to disrupt a financial system that has for too long been excluding consumers whose values and lifestyles are central to their identity, maintaining a status quo that was bad for both people and planet. We now have the technological advancements and the regulatory willingness to change this and I am thrilled that Algbra has partnered with Marqeta in our quest to build the world’s leading ethical financial ecosystem with our proprietary tech stack and advanced ethics policies, permanently moving beyond words and dressed-up products.”
Simon Khalaf, Global Chief Product Officer of Marqeta, said: “This is a very exciting partnership for Marqeta. We were founded to disrupt payments and make it easier for companies to launch new programmes with speed, flexibility and the potential scale quickly. We’re delighted to support Algbra’s pioneering finance proposition which will help its discerning customers to make ethical purchases and a positive financial impact. Additionally, we wholeheartedly applaud Algbra’s commitment to ESG and CSR, as this very much aligns with the Marqeta Cares philosophy on supporting communities and the planet.”
Notes to editors
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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