Senior Business Development Manager

Allica Bank has applied for a banking licence in Sweden, marking its first expansion outside the UK. The company submitted its application to Finansinspektionen, Sweden's financial regulator, and established a local entity with a leadership team led by Rickard Westlund. The move follows Allica's $155m Series D funding round in February, which valued the lender at nearly $1.2bn. A Swedish licence would eventually allow Allica to provide services across other European Union markets. CEO Richard Davies said Sweden's digital economy and well-respected regulator made it a natural choice for expansion. Since receiving its UK banking licence in 2019, Allica has provided over £4bn in lending to established British businesses and serves more than 15,000 business customers.

Allica Bank applies for Swedish banking licence in first move beyond the UK. Allica Bank has applied for a banking licence in Sweden, the first time the UK digital business bank has sought to operate outside its home market and the opening move in what it hopes will become a wider European expansion. The fintech said on Monday that it has submitted an application for authorisation to Finansinspektionen, the Swedish Financial Supervisory Authority, and has already established a legal entity in the country as part of the process. It has also hired an executive team to build the Swedish business, combining banking and technology experience. Rickard Westlund will lead the operation, alongside Javier Ubillos as chief technology officer, Victor Ramstrom as chief product and operating officer, and Samuel Tawadros as chief financial officer. Recruitment for a range of further product, technology and operational roles is under way. The announcement follows Allica's $155 million Series D funding round in February, which valued the bank at close to $1.2 billion. Allica said at the time that the investment would support its next stage of growth, including a first expansion outside the UK. If the licence is granted, the bank says Sweden would also provide a platform from which to offer its services across other European Union markets over the longer term. Why Sweden. Allica said it chose Sweden as its first prospective international market because of its significant established business lending market, the high concentration of market share among incumbent banks, its highly digital economy and a well respected regulator. The bank believes established businesses there face many of the same banking challenges as their counterparts in the UK. Richard Davies, Allica Bank's chief executive (pictured), said: "Sweden has one of Europe's most digital economies, with a well-respected regulator, making it a natural choice for Allica's first expansion outside the UK. Its established businesses face many of the same challenges we have seen in the UK, where firms that make a major contribution to the economy have too often been underserved by traditional banks. "We would not be taking this step without the proven model we have built in the UK. Allica has grown by delivering on its promises to established businesses, with a full stack product offering and combining market-leading technology with the expertise and service these businesses need. We are excited by the opportunity to bring our model to Sweden, subject to regulatory approval." Built on a UK track record. Allica has grown rapidly since securing its UK banking licence in 2019 by focusing on established businesses with between five and 250 employees, a segment it says generates a third of the UK's GDP but has historically been underserved by both the high street banks and digital challengers. It has now lent more than £4 billion to established UK businesses, and more than 15,000 of them use its current account. That growth has come as challenger banks as a group have taken a growing share of UK SME lending from the traditional high street names, competing on speed, technology and service. Allica has been building momentum at home this year. It was named the UK's most recommended business bank in March, based on feedback from more than 4,000 UK businesses, shortly after its funding round secured its status as one of the country's newest fintech unicorns. Last October it moved deeper into working capital finance with the acquisition of SME lending fintech Kriya, its third acquisition. Lucy Rigby, the Economic Secretary to the Treasury, said: "It's brilliant to see Allica building on their success here in the UK and expanding into other European markets. "The UK is a fintech powerhouse, and I'm fully committed to ensuring it remains a jurisdiction where the world's most innovative financial services firms choose to start, scale and stay." Allica's application remains subject to review and approval by Finansinspektionen, and the bank said it will set out further details of its plans for Sweden if and when authorisation is granted. Amy Ingham. Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College's journalism school. Her recent reporting includes British Steel's nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at [email protected]. August 31, 2026

Chapel World Bog Snorkelling Championships returns with Allica Bank backing. The Chapel World Bog Snorkelling Championships will return to Llanwrtyd Wells in Wales this August, with Allica Bank sponsoring the world-famous Welsh event for the first time as part of its Here is Where the Heart Is campaign. Held annually in the Powys town, the Championships see competitors from across the globe take on one of the world's most unusual sporting challenges - racing through a 60-yard peat bog using nothing more than flippers and a snorkel. While some arrive hoping to break world records, many swap serious competition for outrageous fancy dress, making the event as much a celebration of fun as sporting prowess. Now in its 40th year, the Championships have become one of Britain's most iconic quirky sporting traditions. Recognised by Lonely Planet as one of the world's top 50 "must-do" experiences, the event attracts thousands of spectators and competitors from across the world. Beyond the excitement of race day, the Championships provide a significant boost to Llanwrtyd Wells, bringing visitors into the town and supporting local businesses, while showcasing the volunteers and community spirit that have helped the event thrive for almost four decades. Allica Bank sponsors the event as part of its Here is Where the Heart Is campaign, now in its third year, which celebrates the traditional, and often unique, events that make Britain's communities special. These events, which are often volunteer-run, bring both locals and far-flung visitors together and support local economies. The Bog Snorkelling Championships joins a growing calendar of events backed by the bank, including the World Conker Championships, World Stone Skimming Championships, World Pea Shooting Championships, World Pooh Sticks Championships and the Great Knaresborough Bed Race. Bob Greenough, organiser of the World Bog Snorkelling Championships, said: "The World Bog Snorkelling Championships are unlike anything else in the world - and that's exactly why people keep coming back year after year. What began as a quirky local challenge has grown into an international event, but at its heart it remains a celebration of its community, its volunteers and the wonderfully unusual spirit of Llanwrtyd Wells. "It takes a huge amount of effort from local people and businesses to bring the Championships to life each year, so having the support of Allica Bank is fantastic. Their backing will help us continue welcoming competitors from across the globe and ensure we can keep putting on a day full of fun, mud and memorable moments for years to come." Kate Davey, Relationship Manager for Wales at Allica Bank, said: "Whether you're chasing a world record, pulling on a fancy dress costume or simply cheering on from the sidelines, the Bog Snorkelling Championships are a brilliant example of what makes local communities so special. It's an event that puts Llanwrtyd Wells on the map, brings thousands of visitors into the town and creates opportunities for local businesses, volunteers and community groups. "That's exactly why Adnoise Limited is proud to support it through its Here is Where the Heart Is campaign. Events like this aren't just wonderfully eccentric - they're an important part of the local economy and a source of real community pride. "I'll be swapping my stilettos for flippers this year to take part myself, and I can't wait to experience the Championships from inside the bog! I'm sure it'll be muddy, memorable and a lot of fun, and I'm looking forward to cheering everyone else on too."