Gatehouse Bank, Algbra Labs launch digital account for UK property investors

By Gloria Methri

Gatehouse Bank has announced a strategic partnership with Algbra Group and its Fintech-as-a-Service division, Algbra Labs, as part of its ongoing digital transformation agenda. The collaboration will focus on developing a new digital account specifically designed for overseas residents seeking to invest in UK property.

Gatehouse Bank, a Shariah-compliant UK institution, offers ethical savings products and residential property finance to UK residents, expatriates, and international investors. Through this partnership, the bank aims to improve the onboarding experience for overseas clients and expand access to Islamic finance products in the UK.

The new initiative will leverage Algbra Labs’ proprietary digital banking technology. Algbra Labs previously supported the launch of Algbra’s UK-based B2C platform and Shoal, a sustainable savings product created in partnership with Standard Chartered Ventures. The firm specialises in offering turnkey digital banking solutions tailored for ethical and underrepresented market segments.

The project’s first phase will focus on simplifying account setup and property finance access for non-resident investors—an area that remains underserved, despite growing interest. According to research shared by Gatehouse Bank, the UK’s Islamic finance market is projected to grow from $7.5 billion in 2024 to $9 billion by 2030. However, a survey conducted earlier this year by the bank highlighted significant gaps in uptake, with over half of UK Muslims surveyed reporting that they had never used a Shariah-compliant Home Purchase Plan.

Zeiad Idris, CEO of Algbra, described the partnership as an alignment of shared values, noting that Algbra’s mission has been to build financial technology that caters to communities often overlooked by mainstream providers. “Partnering with Gatehouse Bank is a milestone in that mission,” he said.

Gatehouse Bank CEO Charles Haresnape cited Algbra’s track record in building Shariah-compliant digital platforms as a key factor behind the collaboration. “Algbra Labs stands out due to their deep understanding of ethical finance and innovative approach to digital delivery,” he said.