Allica

Allica

Press

Allica, the bespoke SME bank, is granted banking licence

09 September 2019 – Allica, a bespoke bank for SMEs, is delighted to announce that it has been granted its banking licence by the Prudential Regulation Authority (‘PRA’) and will be dually regulated by the PRA and the Financial Conduct Authority (‘FCA’).

Allica has been built with the sole aim of enabling SMEs to advance their business using two fundamental principles – tailored support and financial expertise.

Allica is now planning for a full launch and will ultimately offer working capital solutions and cash management, including loans, savings, payment services and asset finance.

Mark Stephens, Chief Executive Officer, Allica, said: "The banking licence is an important milestone in our ambition to offer SMEs a genuine banking alternative. We built Allica specifically for businesses to realise their aspirations to advance. Allica will offer hands-on support from finance experts who are fully committed to providing each customer with tailored business solutions. I’m very much looking forward to the next exciting phase of launch."

Allica has also announced the appointment of John Maltby as Chair of the Board of Directors. John brings with him substantial Executive and Board level experience from across financial services as well as other sectors. He has been involved in the SME sector for many years and is passionate about developing a lending business that truly serves and supports SMEs.

John Maltby, Chair, Allica, said: “I’m delighted to join the Allica team at such an exciting and important time as Allica receives its banking licence. The SME market in England and Wales continues to be underserved and changing customer needs and behaviours mean that existing banking propositions sometimes are less relevant to owner-managers of SMEs.”

For more information, please contact:

Alistair Kellie or Charlotte Coulson at allica@newgatecomms.com or 020 7680 6550.

Additional information is available at allica.co.uk/press.

About Allica:

Allica is a bespoke bank for SMEs.

The name ‘Allica’ is formed by combining alloy and silica which represents how the bank will work with its customers, combining strengths to advance their business.

Like people, each business is individual with different needs and personalities. Allica will provide businesses with tailored support and financial expertise, making use of all the tools of modern banking.

Allica Financial Services Register number – 821851

Allica is backed by Warwick Capital Partners.