Digital SME finance provider Allica has been granted a banking licence by the Prudential Regulation Authority (PRA).

Allica will be dually regulated by the PRA and the Financial Conduct Authority (FCA). Allica now intends for a full launch and to ultimately offer working capital solutions and cash management, including loans, savings, payment services and asset finance.

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Mark Stephens, chief executive officer for 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 appointed of John Maltby as chair of the board of directors. Maltby brings with him substantial Executive and Board level experience from across financial services as well as other sectors. Previous positions include as a NED at Nordea Bank.

Maltby 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.”

Then known as CivilisedBank, Allica was granted a banking licence by the Bank of England in May 2017, but released it a year later with the stated reason of allowing more time to develop its technology platform.

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In January this year Gareth Claxton joined Allica as a senior commercial manager from Redwood Bank, where he supported businesses as well as commercial and residential investors with their long-term property lending requirements. Prior to that Claxton held senior positions with Aldermore and Santander, managing the new business and portfolio management teams.