Algbra provides a digital current account and payment card focused on ethical finance principles. Users manage their money through an app offering interest-free products and tools to track the carbon footprint of transactions. The platform enables users to save toward specific goals while ensuring their funds avoid unethical or high-risk investments.
Funding
$13M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals seek financial services that align with their ethical and environmental values, but lack accessible tools to manage their money in a transparent and sustainable way. Traditional banking often involves investments in industries that conflict with these values, such as fossil fuels, arms, and tobacco.
Solution
Algbra provides a financial services application that empowers users to manage their finances ethically and sustainably. The platform offers transparent, interest-free products and allows users to create sub-accounts, called "Cubes," for specific savings goals. Algbra ensures that customer funds are protected from unethical investments and provides tools to track and offset the carbon footprint of their transactions. The app also facilitates donations to community-driven causes, enabling users to make a positive impact with their spending.
Target Audience
The primary target audience includes individuals who are seeking ethical and sustainable financial solutions, are conscious of their environmental impact, and want to align their spending with their values.
Features
- Ethical investment screening to avoid funding unethical industries like arms, tobacco, and fossil fuels
- "Cubes" feature for creating sub-accounts to manage savings for specific goals
- Carbon footprint tracking and offsetting tools to monitor and manage the environmental impact of transactions
- Fee transparency with no hidden charges or foreign transaction costs
- Virtual and physical debit cards with spending controls and instant payment notifications
- Integration with Apple Pay and Google Pay for secure online and in-store payments
- Donation feature for supporting community-driven causes directly within the app