Allica Bank (LSE:WISE) has partnered with Wise Platform, Wise’s global payment infrastructure for banks and major enterprises, in order “to offer our established business customers a simple and low-cost way to send money overseas.”
Now clients can seamlessly make and “manage their global payments directly from your Allica Bank business current account.”
As explained by Allica Bank, here’s how it works:
Clients are able to “save on fees when sending money abroad – Wise charges as little as possible when you transfer money internationally, so you can save up to 4x compared to UK high street banks – and Allica will charge no additional fees on top of that.”
Clients can make outbound payments “in euros to any of the 160 countries supported by Wise.”
To start taking advantage of the benefits of Allica Bank’s international payments services with Wise, clients need to “log in to their account, and get ready to go global.”
In another update, it was noted that Allica Bank is a “fast-growing” UK fintech, according to Deloitte’s analysis.
The list from Deloitte ranks technology companies “based on their revenue growth over the past three years, with Allica topping the 2023 list with growth of 85,438% for the period.”
Taking the top spot for 2023 with such strong growth puts Allica “as the third-fastest growing company across any sector in the 26-year history of the awards.”
This is excluding the revenue Allica had generated “from its acquisition of AIB’s British business.”
Allica Bank – a challenger bank that claims to be dedicated to serving established businesses with between 10 and 250 employees – last year also “became one of the quickest UK fintechs to become profitable, just over two years since opening its doors to lending.”
Allica CEO, Richard Davies, says:
“We still have vast amounts to do to bring much better business banking to the established SME segment in the UK. This established SME segment makes up a third of our jobs and economy and they deserve so much more.”