Zeiad Idris, founder of the UK-based ethical fintech company Algbra, was reportedly in regular contact with Jan Marsalek, the fugitive Wirecard executive. WhatsApp messages reveal that in 2018, Idris offered to help Marsalek raise a $2.75 billion fund intended for acquiring Russian military technology for overseas sales. Although this proposed weapons fund never materialized, the revelations connect Algbra's founder to a key figure in the Wirecard fraud and alleged Russian intelligence activities, raising questions about the fintech's ethical claims and regulatory oversight.
Further connections show that Wirecard, in 2019, began paying New World Capital Advisors—a subsidiary of Idris's New World Group—a £490,000 retainer. This payment was for developing a business plan for a global Islamic digital bank, with Marsalek actively participating in early discussions that led to the formation of what would become Algbra. Idris managed this project directly and engaged with IMS Capital Partners, identified as Marsalek's family office, for potential anchor investments. IMS Capital Partners even discussed using offshore trust structures in March 2020 to avoid know-your-customer checks for a large investment in Algbra, weeks before Wirecard's collapse.
Algbra, which markets itself as an ethical online bank for Muslims and is regulated by the UK Financial Conduct Authority, states it has processed over £670 million in digital payments. The company denies having any relationship with Marsalek or Wirecard since its incorporation in May 2020 and subsequent trading. However, these disclosures are likely to scrutinized by the UK fintech sector and regulators due to the founder's past ties to Marsalek, who is accused of orchestrating a nearly €2 billion fraud and managing spy networks for the Kremlin. These revelations starkly contradict Algbra's public image, which is deeply rooted in ESG and Shariah compliance.
