Paragon Bank selects Alfa to power SME lending transformation

Paragon Bank has announced the selection of Alfa to power a new Commercial Lending Transformation Programme, replacing its legacy systems and streamlining the end-to-end lending process.

The strategic initiative will modernise Paragon’s SME lending operations, diversify its product portfolio and enhance the experience for customers and brokers. By choosing Alfa’s accelerated Alfa Start delivery methodology, Paragon will implement the Alfa Systems platform in just 24 weeks.

The project will enable the bank to adapt quickly to evolving market demands and deliver a superior customer, vendor and broker experience; streamline operations, reduce costs and increase productivity through automation and process optimisation; and expand into new SME lending sectors, offering a wider range of innovative financial products.

John Phillipou, Managing Director of SME Lending at Paragon Bank and Chair of the Finance & Leasing Association, commented:

“We’re looking forward to taking on this next step of digital transformation in partnership with Alfa to take Paragon SME Lending to the next level of customer experience. This new system will enable us to enhance our offering, improve our efficiency and provide a seamless journey for our customers. We’re excited to be working with Andrew and the team at Alfa as we start the new year.”

“We’re delighted to partner with Paragon on this exciting and ambitious initiative to enhance its lending operations,” said Andrew Denton, CEO of Alfa.

“Paragon is one of the most dynamic and forward-thinking banks in the UK, with a reputation for running a top-quality operation. With Alfa Systems they’ll benefit from a SaaS solution that provides outstanding efficiency and functional depth, and with Alfa Start they’ll have the advantage of a rapid and cost-effective implementation. We look forward to supporting Paragon as it finds further success in the coming years.”

In addition to its traditional asset finance business, Paragon will also consolidate its aviation finance and professions lending businesses onto the Alfa Systems platform after reaching live production in mid-2025.