Allica Bank and ClearBank team up to boost banking for UK SMEs
Allica Bank, a challenger bank for small and medium-sized enterprises (SMEs) in the UK, has partnered with ClearBank, a UK-based provider of real-time clearing and embedded banking to financial institutions.
Allica partners with clearing bank ClearBank
ClearBank provides Allica with client money accounts and access to UK payment schemes, including Faster Payments (FPS), CHAPS and Bacs. The solution is “powered by API-first, cloud-native technology”, ClearBank says, and “is a key enabler for Allica’s ambitious growth”.
Launched in 2020, Allica serves established SMEs (businesses with 10-250 employees) in the country – a sector that, it feels, struggles to get adequate support from the big banks.
It aims to become “the go-to bank for established businesses within the next decade”. It reported significant growth in 2022, including 534% revenue growth. The firm also reached £1.35 billion in lending and saw a 76% increase in staff.
It also launched a business current account last year, in addition to its existing range of lending products.
When searching for a partner, “Allica believed it crucial to work with a provider that was closely aligned with its values and growth objectives to help it scale at pace”, ClearBank says.
The two banks have been working together since mid-2021. During that time, both have announced that they have achieved profitability – with Allica being one of the fastest UK fintechs and challenger banks to ever achieve profitability – against the backdrop of a wider downturn in the fintech sector.
