İşbank unit taps Algbra for UK digital banking launch

İşbank’s Moka United unit is planning to launch the bank, dubbed Ruut, using a full-stack Fintech-as-a-Service platform from Algbra Labs, which is itself a subsidiary of ethical finance-focused and sharia-compliant UK-based fintech Algbra.

The multi-phase agreement includes deployment of a partner banking platform enabling Ruut to operate client accounts; the launch of customer-named accounts, with Ruut acting as an authorised electronic money distributor; and support for Ruut to become a fully licensed EMI, with Algbra Labs continuing to provide the core banking and payments infrastructure.

Moka is aiming for a fully operational platform within six months, targeting a 600,000-strong diaspora and a UK-Turkey financial corridor which currently facilitates over £28 billion in annual trade and remittance flows.

Halim Memiş, CEO, Moka United and Ruut, says: “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.”