Allica, a bespoke bank for SMEs, is delighted to announce that it has been granted its banking licence by the Prudential Regulation Authority (‘PRA’).
It will be 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, comments: “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.