Allica, a bespoke bank for SMEs, 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).
Allica is now planning for a full launch and will offer commercial owner occupied mortgages and commercial investment mortgages.
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 appointed John Maltby as chair of the board of directors.
Maltby brings executive and board level experience from across financial services.
Maltby added: “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.”