SME bank Allica receives banking license by the PRA and the FCA

UK-based SME focused bank, Allica has received a license by the Prudential Regulation Authority (PRA) along with the dual regulation by the PRA and the FCA. The aim of the bank is to enable SMEs to develop their businesses through assistance and financial expertise.

Mark Stephens, Chief Executive Officer, Allica, said, “The banking license is an important milestone in our ambition to offer SMEs a genuine banking alternative. We built Allica specifically for businesses to realize 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.”

Post-launch, the bank is expected to provide working capital solutions and cash management services including loans, savings, payment services, and asset finance. Along with the license, the bank has also appointed John Maltby as the Chair of the Board of Directors in a bid to leverage his experience in developing the SME-focused lending business.

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 license. The SME market in England and Wales continues to be underserved and changing customer needs and behaviors mean that existing banking propositions sometimes are less relevant to owner-managers of SMEs.”

Established in 2017, Allica is a bespoke bank for SMEs and provides customized support along with financial expertise, thereby utilising the available tools of modern banking.

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