Sustainability-focused fintech Algbra signs with Marqeta

Marqeta is the global modern card issuing and payment processing platform, empowering its partners to create customized and innovative payment cards, empowering them 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 this carbon, transparent flat fees and spending summaries for good causes. This is supported by the company’s commitment that 10% of the profit will go to social projects. The partnership reflects a growing demand in the financial sector for digital solutions capable of supporting ethical and environmental goals.

Algbra and Marqeta share similar commitments to achieving ESG and CSR goals. One of Algbra’s fundamental beliefs is that customer funds should not be invested in industries that cause social damage, but instead engage with industries that do good, such as renewable energy, nature conservation and sustainable products. The company only works with partners and suppliers who follow this ethical approach to business.

Zeiad Idris, CEO of Algbra, said: “Algbra was founded to disrupt a financial system that has for too long excluded consumers whose values ​​and lifestyles are central to their identity, maintaining a status quo that was bad for both people and the planet. We now have the technological advances and regulatory will to change this, and I am delighted that Algbra has partnered with Marqeta in our quest to build the world’s leading ethical financial ecosystem with our proprietary technology stack and advanced ethical guidelines, which are constantly moving beyond words and dressed-up products.”

Simon Khalaf, Global Chief Product Officer at Marqeta, said: “This is a very exciting partnership for Marqeta. We were founded to disrupt payments and make it easier for businesses to launch new programs with speed, flexibility and potential scale quickly. We are delighted to support Algbra’s ground-breaking financing proposition that will help its discerning customers make ethical purchases and a positive economic impact.In addition, we wholeheartedly applaud Algbra’s commitment to ESG and CSR, as this is very much in line with Marqeta Care’s philosophy of supporting society and the planet.”