Digital bank CivilisedBank announces name change to Allica as it prepares to launch

“Over the last 12 months we’ve worked to ensure the bank comes to market with an offer that responds effectively to the commercial finance issues SMEs are facing now. As part of this, we feel that ‘Allica’ better represents what the bank now stands for.”

Focused on the UK SME market and funded by SME and retail savings, Allica will ultimately serve businesses through working capital solutions and cash management, including loans, asset finance, savings and payment services. Allica will also address the UK retail market with a range of savings products.

Stephens added: “The name Allica stems from a combination of words for alloy and glass which, when combined, build something that is of greater value than the sum of the individual raw materials – just like our customers’ businesses.”

Allica was originally granted a banking licence by the Bank of England in May 2017 and is in the process of building its infrastructure for launch. It released its banking licence in May 2018 to allow more time to develop its technology platform and has reapplied for a new licence as it moves towards launch in 2019.