Latest news with #BusinessRewardsAccount
Finextra
14-05-2025
- Business
- Finextra
Allica Bank connects customers with QuickBooks
Allica Bank, the UK's fastest-growing company, has announced a new integration with QuickBooks, a leading accounting software platform widely used by SMEs. 0 From May 14th, Allica Business Rewards Account customers can connect their accounts directly to QuickBooks, enabling automatic transaction syncing. This real-time connection will provide business owners and their accountants with an up-to-date view of their finances, reducing manual data entry and the potential for error. The integration builds on Allica's mission to transform business banking for established SMEs - those businesses with between 5 to 250 employees - a sector often overlooked by high street banks. The new integration will also enable businesses and their accountants to reduce admin, increase accuracy and make quicker decisions. It means less time crunching numbers and more time focusing on business strategy and growth. Sophie Hossack, Head of Partnerships at Allica Bank, said: "We're incredibly excited to launch our integration with QuickBooks! By partnering with a leading accounting platform, we are helping businesses and accountants to focus more on what matters with quick and efficient technology. Time is a valuable resource for business owners and we will continue to simplify business banking to ensure we deliver a meaningful and impactful service to established SMEs across the UK.' 'A core focus of our partnerships team is to strengthen the collaboration between accountants and Allica as we believe it is crucial for SME success. The integration plays a key part in this as it empowers businesses with the financial insights and support needed to thrive whilst also simplifying processes for their accountants.' Nick Williams, International Product Director at Intuit, added: "This integration with Allica Bank enables a seamless connection with Allica's Business Rewards Account, making it easier for business owners to manage their finances and communicate more effectively with accountants. From starting up, to scaling and beyond, the Intuit platform puts everything in one place to run and grow a business, from lead to cash. This means customers can direct their efforts elsewhere without worrying about tedious administrative tasks.' This partnership reinforces Allica Bank's ambition to transform business banking for established SMEs by making their banking more rewarding, powerful, and human for established businesses. Earlier this year it revealed that the success of its relationship and technology-based model means it will be tripling the size of its relationship manager team in 2025, alongside doubling its dedicated accountancy partnerships team, with the ambition to achieve a 10% share of the established SME market by 2027.
Yahoo
16-04-2025
- Business
- Yahoo
British SME bank Allica reports 55% profit growth in 2024
British SME challenger bank Allica has reported a 55.2% increase in profit after tax, reaching £29.8m ($39.54m) in 2024, compared with £19.2m in 2023. Marking the bank's second full year of profitability, Allica attributed the growth to its 'significant investment' in digital infrastructure, increasing revenue. In the 12 months to 31 December 2024, Allica's gross revenue rose to £292.1m from £173.9m. The bank's loan book expanded to over £3bn, while customer deposits exceeded £4bn. It issued £1.1bn in new loans across its core lending portfolio, which includes asset finance, commercial mortgages, and other offerings such as bridging and growth finance. The increase in interest income, up by £142.5m to £320.3m, was primarily due to loans and advances to customers. Allica's proprietary technology is tailored to serve established SMEs, which represent a third of the UK economy. The bank aims for a 10% market share in the SME banking sector within the next three years. This ambition is supported by the growth of its 'Business Rewards Account'. Allica said its 2024 performance was driven by the expansion of its signature offering, the Business Rewards Account – a digital business current account tailored for SMEs. The bank's expansion efforts that year also included the acquisition of bridging finance specialist Tuscan Capital. Allica Bank CEO Richard Davies said: "Alongside giving established businesses a powerful business bank account that truly rewards them and the support to help them thrive, I'm proud that Allica also advocated for established SMEs more broadly too. 'We have helped drive tangible change to Basel 3.1 to support more SME lending and have pushed to improve the business savings market with our Great British Savings Squeeze campaign. We will continue to do so in 2025, including advocating for an expansion in the Growth Guarantee Scheme for SME finance, and an increase to the FSCS limit to help businesses earn better returns on their hard-earned cash.' "British SME bank Allica reports 55% profit growth in 2024" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
