SME bank Allica approved by PRA
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’).
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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.”