Allica Bank and ClearBank partner to boost business banking for UK SMEs

By Gloria Methri

ClearBank, the enabler of real-time clearing and embedded banking for financial institutions, has expanded its partnership with UK challenger bank Allica.

Allica Bank offers business accounts and tailored lending products, powered by lending technology, such as an automated, instant decision-in-principle for business mortgages. It aims to be the go-to bank for established businesses within the next decade. Following 534% revenue growth in 2022, reaching £1.35 billion in lending, and a 76% increase in staff, it hopes to meet this ambition.

ClearBank is a key enabler for Allica’s ambitious growth. The two banks have been working together since July 2021. Clearbank provides Allica with client money accounts and access to UK payment schemes, including Faster Payments (FPS), CHAPS, and Bacs, powered by its API-first, cloud-native technology.

Allica Bank launched its business current account late last year, offering cashback rewards, no monthly fees, and relationship management support, along with a 3% AER integrated instant-access Savings Pot. It can also offer quick and secure transactions using FPS, Bacs, and CHAPS.

Keith Middlemass, Chief Operating Officer, Allica Bank, said, “By offering a relationship-backed service, powered by modern technology, Allica is building the future of banking for established businesses. It is vital that we work with industry-leading partners that can grow with us as we scale. ClearBank is a leader in its field and is an obvious partner for us—we are on the same path both in growth trajectory and in our values.”

Charles McManus, Chief Executive Officer, ClearBank, said, “With its focus on SMEs, Allica Bank is supporting the backbone of our economy—and we’re committed to helping them boost business banking in the UK. We are providing the speed, flexibility, and security Allica Bank needs to provide the very best services to UK SMEs.”