Allica Bank is one of a select few firms invited to participate in the Prudential Regulation Authority (PRA) and Financial Conduct Authority’s (FCA) newly launched Scale-up Unit, a joint regulatory initiative designed to support fast-growing, innovative financial services firms to scale, invest and create high-skilled jobs across the UK.

The Scale-up Unit, launched by the Chancellor as part of the UK Government’s Financial Services Growth and Competitiveness Strategy, will provide scaling firms with dedicated regulatory resource to support their growth ambitions. It is designed to help financial services firms that are already scaling within their markets and are in a period of sustained growth to navigate complex regulatory challenges.

Since first opening its doors in 2020, Allica’s impressive growth means its total outstanding lending to established SMEs has now reached £3.5 billion. Named the UK’s fastest growing company in 2024, and the fastest growing UK FinTech ever in 2023, Allica is building on strong momentum to achieve its target of a 10% share of the established SME market by 2028.