The founder of a British ethical fintech company, promoted as prioritizing social and environmental values, engaged in discussions with Jan Marsalek, the former Wirecard executive who fled to Russia after the German payments firm’s collapse and was later exposed as a Russian intelligence operative. According to messages reviewed by investigators, Zeiad Idris, who later established the fintech firm Algbra, maintained regular contact with Marsalek before 2020.

In 2018, Idris reportedly proposed helping Marsalek to raise a $2.75 billion fund aimed at acquiring Russian military technology to be sold abroad. The conversations suggest the fund was intended to market Russian weapons systems, particularly in the Middle East, with potential sales to Qatar. Documents shared by Marsalek included detailed technical descriptions of military hardware, although the proposals never materialized into a formal business venture.

Idris visited Marsalek’s Munich residence where he was shown an extensive private military memorabilia collection, including an item Marsalek claimed was linked to the assassination of Osama bin Laden—a transparent evidence bag said to contain prayer beads and a cloth associated with the al-Qaeda leader. The meetings were marked by a mix of informal and serious tones, with emojis and humorous language interspersed in discussions that addressed arms sales.

Algbra, founded by Idris in May 2020 and launched publicly the following year, describes itself as an ethical online bank catering to Muslim customers in the UK, Middle East, and Asia. The company emphasizes compliance with both environmental, social, and governance (ESG) criteria and Shariah principles. Since becoming CEO in 2021, Idris has positioned ethics and integrity as central to Algbra’s brand, highlighted by marketing that explicitly distances the company from arms trade.

Algbra operates under the regulation of the UK’s Financial Conduct Authority and counts former UK Chancellor Philip Hammond among its advisers. It has processed over £670 million in digital payments according to its own reports and claims a growing client base across business and consumer sectors. Its largest creditor is Standard Chartered’s investment arm VC Ventures, which declined to comment on the matter.

While Algbra asserts it has no ongoing links to Marsalek or Wirecard since beginning operations, investigations indicate that Marsalek was involved in early-stage discussions about the fintech’s creation. Prior to Wirecard’s 2020 collapse, which was precipitated by an extensive €24 billion fraud scheme engineered by Marsalek, the payments firm had engaged New World Capital Advisors—a subsidiary of London-based New World Group—to develop plans for a “global Islamic digital bank.” Idris led the project and was the main point of contact with Marsalek during this period.

Marsalek also maintained relationships with IMS Capital Partners, described as his “family office,” which explored potential anchor investments in the fintech venture, discussing complex offshore mechanisms to avoid stringent regulatory checks. IMS Capital subsequently collapsed following Wirecard’s downfall and is now subject to investigations by German prosecutors over suspected money laundering. NWG removed Idris as a director in January 2024, though he remains a shareholder, and disputes between Idris and NWG are ongoing.

Idris has acknowledged knowing Marsalek through previous work connections but has stated that he ceased all contact after Marsalek became a fugitive. He also described himself as younger and less cautious at the time of their interactions. Idris said Algbra was launched only after Marsalek’s criminal activities became public and denies any current association with the disgraced executive.

Marsalek, once regarded by business contacts as a highly successful entrepreneur, orchestrated widespread fraud and covert operations on behalf of Russian military intelligence, including money laundering, blackmail, and alleged involvement in kidnapping and assassination plots. The revelations about his activities have deepened concerns over undisclosed ties between Western fintech ventures and shadowy intelligence-linked actors.