New World Group to provide financial services to the global unbanked

New World Group (NWG) is a London headquartered, global diversified investment company with more than $2.5 billion in assets under management. The company continues to play its role of investing in technology companies seeking to re-invent their industry ecosystems – through its Mozaic business vertical.

Mozaic provides smart, efficient, and strategic capital to robust and scalable technology businesses led by driven and able entrepreneurs. Under the Mozaic enabler, NWG has incubated & launched the global digital platform ‘Algbra’ for the unbanked and underserved.

Currently, more than 1.7 billion people in developing economies are prevented from participating in economic opportunities because of not having a traditional bank account. Algbra will deliver financial services through one application to address this significant gap in the global economy. It will offer accounts, debit cards, savings, rewards, FX, remittances and more. Early-stage investors in Algbra include the British government & SFC Capital.

NWG CEO Adam Sadiq said: “Too many people in the world’s poorest countries face financial exclusion because they cannot open an account at a traditional bricks and mortar bank’. As a result, they are unable to enjoy the opportunities made possible by economic growth, and in many cases remain stuck in the poverty trap.”

Sadiq added: “By launching the global digital platform Algbra, we will empower millions of people by enabling them to take advantage of the kinds of digital finance services those of us who live in developed economies often take for granted.”

NWG & its businesses including Mozaic, take a global perspective across sectors in which they invest & operate. Headquartered in London, NWG has offices and partners in many of the world’s most exciting, high growth markets. “We are excited to put our expertise and capability to use to help solve some of the most pressing challenges facing our world today.” Sadiq said.

NWG has a strong presence across in the UK, Europe, the Middle East, and Asia. The company is focused on creating long-term value for its portfolio companies whilst maintaining a strong risk-return profile for its LPs in the current low interest rate environment.

Last month, NWG’s merchant banking division New World Capital Advisors (NWCA) announced a partnership with Berjaya Corporation Berhad (BCorp) to establish a presence in Malaysia with an office in Kuala Lumpur. The NWCA Malaysia business acts as an enabler for NWG’s business & portfolio companies across strategy, operations, corporate finance, mergers and acquisitions and capital raising.