Allica Bank, has integrated Mambu’s cloud banking technology for faster SME lending.

Announcing the integration at the Money 2020 conference in Amsterdam, Allica Bank, a challenger bank for UK SMEs said Mambu’s technology supports its range of bespoke lending products and reintroduces tech-savvy relationship managers to enhance customer experience.

In November 2021, Allica announced a £600 million purchase of Allied Irish Bank’s GB SME customers, which brought with it a complex loan portfolio.

Allica decided to partner Mambu and deploy its composable technology foundation to help them offer loans to customers.

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.”

He added: “Our implementation involved greenfield and migration elements and a very complex loan portfolio, yet it took only three months to complete.”

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.

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.”

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