Moka United taps Algbra Labs to launch digital bank in UK

By Vriti Gothi

Moka United has partnered with Algbra Labs to power the UK market launch of its digital banking brand, RUUT. Leveraging Algebra Labs’ FinTech-as-a-Service (FaaS) infrastructure, the collaboration is set to deliver a fully operational UK platform within six months.

Originally launched in 2020 as ParaGonder, the platform began as a mobile service facilitating remittances from Germany and Austria to Türkiye and Kosovo. Following a rebrand to RUUT in 2023, the service has since evolved to support cross-border payments to Türkiye from all EU citizens and residents. Building on this foundation, the UK rollout represents the next stage of RUUT’s growth as it broadens from remittance services into a comprehensive suite of digital banking solutions.

The initiative is designed to serve the UK’s Turkish diaspora, a community of nearly one million people, by providing seamless, secure, and customer-centric financial services tailored to their needs. Through Algbra Labs’ advanced core banking and payments infrastructure, RUUT will be able to extend its offering beyond money transfers to include customer-named accounts, full account management, and wider digital financial services.

The phased collaboration will see RUUT operate as an authorised electronic money distributor, enabling it to issue accounts under its own brand while benefiting from the regulatory and technical capabilities of Algbra Labs’ platform. By combining Moka United’s market reach with Algbra Labs’ technology and compliance expertise, the partnership aims to set a new benchmark for inclusive, values-driven digital banking in the UK.