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The collaboration allows Allica to bring bespoke lending products tailored to the needs of small and medium-sized businesses, and reintroduce tech-savvy relationship managers to enhance the customer experience.

Allica Bank, the fintech challenger bank for established SMEs in the UK, today announced their successful go-live on leading cloud banking platform, Mambu.

Despite representing 30% of the UK’s GDP, the established SME sector has been left behind by traditional banks and overlooked by newer monoline fintechs. Allica is positioned to build and deliver products and services to directly address this challenge.

In November 2021, Allica announced a purchase of Allied Irish Bank’s GB SME customers, a complex loan portfolio containing a wide variety of loan types. Allica needed a ledger solution to form the base to migrate the loans onto within a matter of months, and that’s where Mambu’s composable technology foundation came in.

Richard Morgans, General Manager for the UK and Ireland at Mambu, said: “Left unaddressed, SME demand for digital-age lending represents a huge missed opportunity for banks and lenders. Financial institutions need to do more to tackle challenging application processes for loans, and Allica Bank is playing a key role in doing exactly that.

“Through a combination of in-house engineering and Mambu’s composable technology stack, Allica has been able to expedite the migration of a complex loan portfolio at impressive speed. Mambu’s track record of fast implementations made us an obvious partner for this ambitious project. We are pleased to see Allica’s smooth and successful launch, and are looking forward to supporting them in delivering value to their customers.”

Our implementation involved greenfield and migration elements and a very complex loan portfolio, yet it took only three months to complete from the set-up of Mambu’s environment in January.
Richard Davies
Chief Executive Officer at Allica Bank

Richard Davies, Chief Executive Officer at Allica Bank, said: “As a fintech, technology is at our core. With our acquisition of AIB’s portfolio, we needed the ability to migrate a wide range of complex loan products at pace. To achieve this, we decided to combine Mambu’s loan ledger with our in-house engineering to deliver the breadth of capabilities needed.

“Being cloud native, Mambu and its composable architecture gave us the foundation needed to seamlessly integrate with Allica’s own proprietary applications in our cloud based tech stack.”

Prajval Dsilva, Operating Principal and Implementation Lead at Allica Bank, added: “The collaboration between Allica and Mambu teams at every stage of the delivery lifecycle has been a key success factor that enabled rapid delivery. We look forward to continued collaboration as we embark on the next phase of our journey.”

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