ClearBank, a company that provides integrated banking services and real-time clearing for financial institutions, today announced a partnership with Allica Bank, a fintech bank dedicated to supporting small businesses. Small and medium enterprises based in the UK.

Allica Bank was established to serve established UK SMEs (companies with 10-250 employees) and to provide them with on-demand, human support. powered by the latest banking technology, which has left SMEs struggling to get from the big banks. It offers business-appropriate checking and lending products, powered by state-of-the-art lending technology, such as instant, automated decision-making for business mortgages. business. It aims to be the right bank for established businesses over the next decade and after significant growth in 2022, including revenue growth of 534%, reaching £1.35 billion in loans and With a staff growth of 76%, it is well positioned to meet this ambition.

ClearBank is a key driver of Allica’s ambitious growth. ClearBank provides Allica Bank with customer accounts and access to UK payment systems, including Faster Payments (FPS), CHAPS and Bacs, powered by cloud-native API technology .

Allica launched a business checking account for established businesses late last year, offering cashback, no monthly fees, and relationship manager support, as well as an access savings market leading integrated instant 3R. It can also provide fast and secure transactions using FPS, Bacs and CHAPS. Allica believes it is important to partner with a supplier that closely aligns with its values ​​and growth goals to help the company scale rapidly.

ClearBank works with 15 of the UK’s newest banks. Instead of competing with its own customers, it is a stable and profitable “bank for banks”.

​​​“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.”

Keith Middlemass, Chief Operating Officer, Allica Bank.

“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’re providing the speed, flexibility, and security Allica Bank needs to provide the very best services to UK SMEs.”

​​​Charles McManus, Chief Executive Officer, ClearBank.

The two banks have been working together since July 2021. Around this time both announced that they were profitable – Allica was one of the UK’s fintech companies to hit the mark. the fastest profits – amid a slowing overall fintech sector.