962. Insights: The UK’s fastest-growing fintech: in conversation with Richard Davies, CEO of Allica Bank

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May 15, 2025

Richard Davies, CEO of Allica Bank, brings extensive experience from giants like HSBC and Barclays to the fintech scene. He discusses Allica's unique approach to SME banking, focusing on relationship-led service and rapid growth strategies. Richard shares insights on competing with neobanks, the role of AI in finance, and the quirky branding strategy behind the iconic orange bowler hat. He addresses the pressing issue of credit access for SMEs in the UK and outlines the bank's ambitious goals for future expansion.

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ANECDOTE

Richard Davies' Career Journey

Richard Davies shares his extensive career journey from banking giants to fintech innovators.
His experiences shaped his mission to build a bank specifically for established SMEs in the UK.

INSIGHT

Untapped Opportunity in SMB Market

The UK's established SMB market is the last major untapped fintech opportunity.
Neglect from traditional banks offends Richard and motivates Allica Bank's mission.

INSIGHT

Execution Drives Success

Execution is everything, and it's harder in large organizations due to complex approval chains.
Startups excel in execution speed, a crucial advantage in fintech.

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About this episode:

In this episode of Fintech Insider Insights, host David M. Brear is joined by Richard Davies, CEO of Allica Bank - the UK’s fastest-growing fintech focused on serving established small and medium-sized enterprises (SMEs).

Richard shares how his unique background at traditional giants like HSBC and Barclays, combined with his time at fintech innovators like Revolut and OakNorth, has shaped his mission to build a better bank for UK businesses.

We dive into Allica’s rapid rise, its unique approach to relationship-led banking, and what’s next in their journey towards unicorn status.

We also discuss:

How Allica Bank is redefining SME banking in the UK
The strategy behind its record-breaking growth
Competing with neobanks and embracing AI
Why branding (hello, orange bowler hat!) matters in fintech

This week's guest:

Richard Davies - CEO of Allica Bank

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Fintech Insider by 11:FS is a bi-weekly podcast that covers everything from finance and banking to technology and the latest trends in financial services.

Our expert hosts, with hands-on industry experience, are joined by key decision-makers, VCs, and top reporters from across the financial landscape, including guests from companies like Stripe, Revolut, Plaid, PayPal, and Monzo. Together, they break down the biggest news and innovations shaping the space.

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