Algbra Group announces new partnership with Gatehouse Bank
LONDON – Algbra Group and its Fintech-as-a-Service division, Algbra Labs, have today announced a new partnership with Gatehouse Bank to deliver the next stage of the Bank's digital transformation strategy.
Gatehouse Bank is a Shariah-compliant, UK Bank offering ethical savings products for UK customers and residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords.
Algbra Labs is a UK-headquartered financial technology company that offers its full-stack proprietary technology as a turnkey digital banking solution, having previously built Algbra's UK B2C proposition and more recently Shoal, a UK sustainable finance platform incubated out of Standard Chartered Ventures.
The partnership between Gatehouse Bank and Algbra will involve creating a new digital account for overseas residents looking to invest in UK property, aiming to deliver an improved customer experience and facilitating greater investment in the UK's growing Islamic finance sector.
According to Gatehouse Bank's latest research*, the UK is a leading Western hub for Islamic finance, with the sector projected to grow from an estimated US$7.5 billion in 2024 to US$9 billion by 2030. However, previous research conducted by the Bank in 2024 also revealed the prevailing untapped opportunities in the market, as over half of UK consumers of the Muslim faith have never taken out a Home Purchase Plan.**
Algbra has a proven track record of building regulated digital banking platforms in the UK, including Algbra's own proposition and, more recently, the successful launch of Shoal, which partners with the Standard Chartered sustainable finance division.
'Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people', said Zeiad Idris, CEO of Algbra.
Charles Haresnape, CEO of Gatehouse Bank, commented: 'While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology.
'Their expertise and innovation align perfectly with our vision for growth and we look forward to working together to deliver our common goal: to help more people seeking Shariah-compliant finance achieve their aspirations.'
*This report was commissioned by Gatehouse Bank and written by Gatehouse Bank and H/Advisors Cicero. The primary research mentioned throughout anonymously surveyed 1,002 Muslim respondents and 1,004 non-Muslim respondents living in the UK between 17th and 24th May 2024. The research assessed respondents' awareness of Islamic, ethical and green finance, alongside barriers to adoption and usage.
**A Home Purchase Plan is a Shariah-compliant alternative to a mortgage.
About Algbra
Algbra is a UK-based financial technology company fully authorised and regulated by the Financial Conduct Authority (FCA). Algbra offers its full-stack proprietary technology, including its core banking platform, through its Algbra Labs division as a Fintech-as-a-Service (FaaS) solution, helping institutions build turnkey digital banking propositions. Algbra is backed by New World Group (NWG), Standard Chartered Ventures, Beacon Ventures, the British Business Bank, and other strategic investors. Algbra's commitment to ethical, inclusive, and sustainable finance is further underscored by its B-Corp certification and its pioneering work in the ethical finance ecosystem
For more information, please contact press@algbra.com, visit www.algbra.com and follow Algbra on LinkedIn and Instagram.
For Algbra media enquiries please contact: press@algbra.com
About Gatehouse Bank
Gatehouse Bank is a Shariah-compliant ethical bank, based in London, Birmingham, Milton Keynes and Wilmslow. Gatehouse Bank offers a range of ethical savings products for UK customers, as well as residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all.
@gatehousebank
gatehousebank.com
Gatehouse Bank Media Contacts
Ashleigh Clark | E: ashleigh.clark@gatehousebank.com
Melissa Economou | E: melissa.economou@gatehousebank.com
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