Algbra founder Zeiad Idris sought to help Wirecard COO Jan Marsalek establish a $2.75bn arms fund to acquire Russian military technology in 2018, according to WhatsApp messages seen by the FT. Idris, then at New World Capital Advisors, was in regular contact with Marsalek before the Austrian fled to Russia in 2020 after Wirecard's €24bn collapse. Marsalek was later exposed as a GRU operative.

The pair's relationship included a visit to Marsalek's Munich mansion where he displayed military memorabilia, including an evidence bag he claimed contained items from Osama bin Laden's assassination. Idris offered to market the weapons fund through his London network. The fund never launched, and Idris says contact ended before Marsalek's intelligence ties were public.

Wirecard paid £490,000 to Idris's firm for a "global Islamic digital bank" plan. Discussions included a possible IMS Capital investment using offshore structures to avoid KYC. Algbra, incorporated May 2020, launched in 2021 as an ethical Mastercard-issuing bank backed by Standard Chartered, with Philip Hammond as adviser. It has processed £670mn in payments.

Idris met Marsalek via Ahmed Ben Halim's Libya Holdings Group. Idris highlighted Marsalek's €10mn LHG investment in a 2017 testimonial. Algbra says it has had no relationship with Marsalek or Wirecard since trading began, though FT found Marsalek participated in early discussions about the business.