RUUT, a new digital banking brand, is set to launch in the UK market through a partnership between UK-based Algbra Labs and Turkish fintech Moka United.
Moka United is a subsidiary of Turkish banking group İşbank.
Go deeper with GlobalData
Algbra Labs said the collaboration is a milestone in Moka United’s international expansion and İşbank’s vision to provide inclusive, technology-driven financial services globally.
Moka United will introduce RUUT with the support of Algbra Labs, which will power the digital banking brand through its fintech-as-a-service (FaaS) platform.
The partnership aims to offer a seamless, secure, and scalable digital banking experience to UK customers.
The multi-phased agreement includes the deployment of a partner banking platform allowing RUUT to manage 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 electronic money institution.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAlgbra CEO Zeiad Idris said: “We are proud to partner with Moka United, the fintech arm of Türkiye’s most established bank. RUUT is an exciting digital banking initiative, and we are delighted to provide the platform infrastructure to support its UK launch.
“This collaboration reflects the growing demand for values-led, high-compliance, and scalable financial technology.”
Moka United and RUUT CEO Halim Memiş said: “This partnership with Algbra Labs is a strategic milestone in our journey to expand globally. 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.”
Algbra Labs, which will continue to provide the core banking and payments infrastructure, said the goal is to have a fully operational platform within six months.
In the medium term, the partners plan to enhance the UK-Türkiye financial corridor, which is said to facilitate over £28bn in annual trade and remittance flows.
Türkiye’s position as one of the UK’s top five export markets and the presence of a Turkish diaspora of nearly one million people in the UK further strengthen economic, social, and cultural ties, the technology vendor explained.
Expanding digital financial infrastructure between the UK and Türkiye will unlock new opportunities for trade, remittances, and investment, it added.
