Allica Bank Selects SaaScada for SME Banking Product Launch

"We’re really excited about our product roadmap in 2022, which sees us expand our offering - including launching our first payment account for SMEs.”

London-based core banking platform and services provider SaaScada has bagged a deal with Allica Bank to help it launch a new product range in the SME sector.

Founded in 2017, Allica is also based in the capital. The challenger bank provides credit and payment services – combining proprietary technology and local relationship managers.

Allica Bank selected SaaScada for its “data-rich” platform, which will help the bank deliver products tailored to its customers’ needs based on their real time transaction activity.

Toby Mason, Chief Operating Officer, Allica Bank, says: “After a rapid year of growth in 2021 for Allica, we’re really excited about our product roadmap in 2022, which sees us expand our offering – including launching our first payment account for SMEs.”

Back in November, Allica revealed a £110 million funding round and portfolio acquisition of around 2,000 of AIB’s customers in the UK. At that time, the funding was used for investment in Allica’s proprietary technology and for the acquisition. Investment up to that point amounted to £233 million.

Allica is set to launch its first payment product in early 2022. On its website, current options comprise a business savings account, asset finance, commercial mortgages and personal savings accounts.

The bank also has an office in Milton Keynes and has 130+ employees. Its banking licence was granted in September 2019.

Allica shares info on its site about other technology being used. For example, its front-end engineers use the likes of React, while Allica’s back-end engineers develop applications and integrations. They work with Java Spring and others. In terms of infrastructure, Kotlin is used for its microservices architecture within Microsoft’s Azure cloud platform.

The bank is keen on recruitment as it has quite a few job openings – such as engineers (data, front-end and software).

As its name suggests, SaaScada provides a B2B banking Software as a Service (SaaS) platform. This has a number of APIs on offer for the fintech sector – accounts, payments, cards, reporting, users, FX, KYC and crypto.

SaaScada’s site lists another customer. This is SME-focused lender NEXA Finance in Leicester.

SaaScada was established in 2016 and is the trading name of Saescada Ltd.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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