Algbra

Algbra is an EMI. FSCS stays with Starling and Monzo. Use this for screened spend, not rent. The 2025 Mastercard principal-issuer step is a card fact, not a bank licence.

Algbra FS UK Limited, 22 Upper Brook Street, London. FCA FRN 952360 under the Electronic Money Regulations 2011. UK residents. Ethical / Sharia-screened positioning. They say they are not a bank. This desk agrees.

Algbra lists Authorised EMI — Algbra FS UK Limited, FRN 952360 under FCA in United Kingdom. On safeguarding we currently write: Safeguarded e-money, not FSCS. Algbra’s own copy says the scheme covers banks, not EMIs.. Holder / issuer line: Algbra FS UK Limited (EMI). Mastercard principal issuer from 2025.. An AML programme is claimed. There is no IBAN-class local rail on the flags we store. We list 1 live markets on the product. As we score the sticker: monthly Confirm live ethical-account tariff; FX Transparent-fee pitch — still a spread; ATM Card schedule. This desk would open it for: UK residents who want a screened spend account and will keep salary at Starling or Monzo.

What it does well: FCA EMI named; Honest ‘not a bank’ legal; Halal/ESG is the product. What to watch: Not FSCS; UK-only; Not a salary bank. Desk score 6.5 / 10 (safety 6.2, fees 7.0, features 7.4, app 7.6). Last verified 2026-08-28. Headquartered in London, United Kingdom; founded 2020. None of this is advice — it is a file so you can read the entity before the card colour.