← Embedded Finance Index 2026

Allica Bank

Also a provider — view Allica Bank’s profile →

“Can a UK SME-focused challenger bank use embedded finance (B2B BNPL, invoice finance) and deep accounting integrations to capture 10% of the established SME market by 2028?”

Founded2019
HQLondon, UK
IndustryFintech / SMB banking
The story

Founded in 2019 as a UK challenger bank with a banking licence, Allica Bank focused exclusively on established SMEs (5–250 employees) underserved by high-street banks, differentiating via dedicated relationship managers backed by digital infrastructure. The bank grew rapidly through commercial mortgages, asset finance, and savings products, reaching £2bn in loans and £2.6bn in deposits by end-2023. In 2025, Allica moved beyond pure-balance-sheet lending by acquiring Kriya, entering the embedded finance market with B2B BNPL and invoice finance distributed through third-party platforms — a structural shift from direct bank to embedded-finance-enabled lender.

Last 12 months
2025-10
2025-05
Product timeline
2019
Allica Bank receives banking licence from the PRA/FCA, authorised to operate as a UK bank.· banking
2020
Allica Bank begins lending to UK SMEs, focusing on established businesses with 5–250 employees.· lending
2023
Allica Bank launches Business Rewards Account (business current account) powered by ClearBank, surpassing 2,000 customers by December 2023.· banking
2023
Allica Bank signs partnership with Wise Platform to offer cross-border international payments in 160+ countries for SME customers.· banking
2024
Allica Bank announces integrations with Sage and Xero accounting platforms for automatic bank feed synchronisation.· banking
2025
Allica Bank launches QuickBooks integration for business current account customers.· banking
2025
Allica Bank acquires Kriya, an SME lending and embedded finance fintech, entering the embedded B2B BNPL and invoice finance market; targeting £1bn of SME working capital finance by 2028.· acquisition
Regulated entities
1
regulatory licence held by Allica Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Allica Bank’s embedded-finance stack
Banking / BaaS
ClearBank
Card issuing
in the full report
Lending
in the full report
Open banking
in the full report
FX & payouts
in the full report
Accounting
in the full report
Accounting gap: none
14 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.