Algbra Labs, a UK-based Fintech-as-a-Service (FaaS) provider, has entered into a partnership with Moka United, the fintech subsidiary of İşbank, Türkiye’s private bank.
The collaboration will support the UK launch of RUUT, a digital banking brand developed by Moka United as part of İşbank’s wider fintech strategy.
The partnership marks an important step in Moka United’s international expansion and aligns with İşbank’s aim to provide inclusive, technology-driven financial services beyond Türkiye.
Using Algbra Labs’ full-stack FaaS platform, RUUT will offer a secure and scalable digital banking service to customers in the United Kingdom.
The agreement will enable RUUT to operate client accounts via Algbra’s partner banking platform and to launch customer-named accounts as an authorised electronic money distributor.
Over time, RUUT is expected to become a fully licensed electronic money institution, with Algbra continuing to provide the underlying banking and payments infrastructure.
Both parties aim to deliver a fully operational platform within six months.
The UK-Türkiye financial corridor, which currently supports more than £28 billion in annual trade and remittance flows, is a central focus of the partnership.
Bilateral trade in goods and services between the two countries exceeded £26 billion in 2024, and the UK remains one of Türkiye’s top five export markets.
The UK is also home to nearly one million people of Turkish origin, whose ties strengthen this corridor and underline the potential for expanding digital financial services to support trade, remittances, and investment.
Zeiad Idris, Chief Executive of Algbra, said:
“We are proud to partner with Moka United, the fintech arm of Türkiye’s most established bank. RUUT is an exciting digital banking initiative, and we are delighted to provide the platform infrastructure to support its UK launch. This collaboration reflects the growing demand for values-led, high-compliance, and scalable financial technology.”
Halim Memiş, Chief Executive of Moka United and RUUT, said:
“This partnership with Algbra Labs is a strategic milestone in our journey to expand globally. Through RUUT, we aim to deliver inclusive, user-friendly, and trusted digital banking experiences, beginning in the UK. Algbra’s technological excellence and shared ethical approach make them the ideal long-term partner.”
The collaboration underscores Algbra Labs’ role in providing infrastructure that enables banks and fintechs to launch and scale digital services without compromising compliance or speed.
Featured image credit: Edited by Fintech News Switzerland, based on image by EyeEm via Freepik
