Moka United, the fintech subsidiary of Türkiye’s largest private bank, İşbank, has teamed up with UK-based Algbra Labs to introduce its digital banking brand RUUT to the UK market.
RUUT was originally launched in 2020 under the name ParaGonder and began as a mobile application for money transfers from Germany and Austria to Türkiye and Kosovo. After rebranding to RUUT in 2023, the product’s capabilities were expanded and the platform now enables cross-border payments to Türkiye from all EU citizens and residents.
The company, which is targeting the UK’s Turkish diaspora of close to one million people, will leverage Algbra Labs’ Fintech-as-a-Service (FaaS) platform to expand beyond money transfers to offer broader digital banking services. With Algbra Labs providing the core banking and payments infrastructure, the partnership aims to deliver a fully operational UK platform within six months.
The collaboration agreement outlines multiple phases, including deploying a partner banking platform enabling RUUT to manage client accounts and launching customer-named accounts with RUUT as an authorised electronic money distributor.
“This partnership with Algbra Labs is a strategic milestone in our journey to expand globally,” states Halim Memiş, CEO of Moka United and RUUT. “Through RUUT, we aim to deliver inclusive, user-friendly, and trusted digital banking experiences — beginning in the UK.”
Source: https://www.fintechfutures.com/
