Allica Bank has reportedly secured more than £1 billion in total deposits from businesses as well as individual savers.
The key milestone comes after Allica Bank had preformed considerable work to further diversify its deposit-acquring channels.
Along with introducing its range of personal and business savings accounts, the Fintech challenger has teamed up with Flagstone, which allowed Allica Bank to serve as the main UK savings account partner for Revolut’s ‘Vaults’ product, as well as for online savings app Chip.
Allica Bank has also teamed up with investment management service provider, Hargreaves Lansdown.
Richard Davies, CEO at Allica Bank, noted that it is “fantastic to have reached this milestone so quickly in Allica Bank’s journey.”
Davies added that their goal has “always been to harness [their] technology to create a diversified and scalable model for raising deposits to fund our business lending.”
Davies also mentioned that by teaming up with Revolut, Chip, Flagstone and Hargreaves Lansdown, and reaching £1bn in deposits, the company has been able to make steady progress during the past year.
“This has to be backed up with an unbeatable experience for both our customers and partners, and it’s testament to the hard work of the whole Allica team that we have continued to receive such positive feedback as our deposit book increases. This sustainable approach puts us in an incredibly strong position to continue our growth over the coming years.”
Since establishing operations back in March 2020, the firm has reportedly undertaken key moves to continue its ongoing business growth – which includes the acquisition of AIB’s £600 million SME lending portfolio as well as finalizing a £110 million funding round.
Recently, the firm had promoted Ravneet Shah to CTO, Nick Baker to Chief Commercial Officer and Nick Moss to director of lending products.
Allica Bank’s CEO Richard Davies said the changes “pave the way for the bank to further build on its sector-leading proposition for brokers and businesses.”
“Nick Baker and Nick Moss have been with Allica since we opened for business in 2019. Their experience within the sector and as part of the team throughout this phase is vital for our future growth due to their intimate knowledge of our customers and the broker market.”
He also mentioned:
“Equally, Ravneet joined the business early in our journey and has been invaluable in helping create Allica’s unbeatable customer and broker experience. She’s going to play an important role as the voice for Allica’s technology team as we continue to grow. It’s fantastic to bolster the expertise of our senior leadership team with three voices that have been so pivotal to Allica’s success to far. I’m proud to see what they’ve achieved within their careers and I’m looking forward to seeing them propel Allica forward further.”
Nick Baker is the former broker and current board member of the National Association of Commercial Finance Brokers (NACFB). Through his experience and understanding of the broker market, Nick will “continue to provide leadership to broker business development managers, and alongside Emma Lane (Head of Client Relationship Management) will now provide support to the direct business managers.”
Nick Moss is the former Head of Product Delivery & Data Services.
Nick Moss is taking “an expanded role” as Director of Lending products. The new role will see Nick “heading up the wider commercial lending product catalogue, including the bank’s asset finance portfolio.”
Nick will “work closely with Allica’s new CTO Ravneet Shah to develop and implement new proprietary software for product, catalogue and lifecycle management, including underwriting, fulfilment and servicing.”
Ravneet Shah is the Former Vice President of Engineering. He will “lead Allica’s overall technology vision and proprietary software development to provide customers with the best possible experience through the bank’s innovative digital products.”
This will include “migrating AIB’s SME customers over to Allica and supporting the launch of the Business Rewards Account.”