The platform supports Allica in bringing bespoke lending products, tailored to the needs of small and medium-sized businesses and reintroduces tech-savvy relationship managers to enhance customer experience.

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, which brought with it a complex loan portfolio. Allica needed a technology solution to help them offer the loans to customers in 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 expertise and Mambu’s composable technology stack, Allica has been able to expedite the delivery of a complex loan portfolio at impressive speed.”

Richard Davies, Chief Executive Officer at Allica Bank, said: “As a fintech, technology is at our core. Whilst we’re focused on building a lot of our own technology solutions, we were presented with a unique opportunity after acquiring a £600 million loan portfolio from AIB. We needed the ability to offer customers complex loan products in a matter of months.

“Being cloud native, Mambu and its composable architecture gave us the flexibility needed to seamlessly integrate with Allica’s cloud-led tech stack. . Our implementation involved greenfield and migration elements and a very complex loan portfolio, yet it took only three months to complete. The partnership and collaboration between Allica and Mambu teams at every level, has been a key success factor”

As a result of Allica Bank’s go-live on Mambu, Allica were able to support the acquired customers with a complex offering of loans in a matter of months.