Allica Bank

Allica Bank goes live on Mambu

Allica Bank has announced it has gone live on SaaS cloud banking platform Mambu.

This will support the bank in offering bespoke lending products tailored for the needs of UK SMEs.

The specialist lender has utilised Mambu’s technology solution to provide loans to Allied Irish Bank’s previous UK SME customers, following the acquisition of the lending book in November 2021.

As a result of Allica Bank’s go-live on Mambu, it was able to support the acquired customers with facilities in a matter of months.

Richard Davies, CEO at Allica Bank, said: “As a fintech, technology is at our core. 

“While we’re focused on building a lot of our own technology solutions, we were presented with a unique opportunity after acquiring a £600m 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 Bank’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 Bank and Mambu teams at every level, has been a key success factor.”

Richard Morgans, general manager for the UK and Ireland at Mambu, commented: “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 Bank has been able to expedite the delivery of a complex loan portfolio at impressive speed.”

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