Allica Bank has announced the appointment of Richard Davies as its new chief executive.

He will be responsible for leading the challenger business bank as it scales, delivering the funding, technology and expertise required.

Davies brings a wealth of banking and FinTech experience, joining from Revolut, where he led its global banking proposition, including establishing new leadership teams and operations in Ireland, US, Australia and Singapore; launching Revolut’s bank in Europe; and progressing Revolut’s plans in the UK.

He has previously held senior roles with TSB, HSBC, OakNorth Bank and Barclays. In 2013/14, as the first chief executive of OakNorth, Davies developed the business model, technology, and successful regulatory licence application.

Davies replaces outgoing chief executive, Mark Stephens, who recently signalled his intention to retire from executive roles, following a career spanning more than 40 years in UK business banking.

He will take up the position on 24 August, subject to regulatory approval, while continuing to work with Revolut in a non-executive advisory capacity for their European business.

Allica Bank is backed by Warwick Capital Partners, targeting the small and medium-sized business market. The company was created early last year with a name change from CivilisedBank.

Davies commented: "In my career I have worked for some of the largest established banks and fastest growing challengers, so I am excited to be continuing in that vein as I move from one of the most disruptive FinTechs, to the bank that I believe can transform business banking in the UK.”

Allica Bank chairman John Maltby stated: “Since our launch, and throughout the Covid-19 period, Allica has continued to provide solutions at pace, resulting in a strong pipeline across the length and breadth of the country.

"Following on from our initial proposition we have launched our fixed and notice savings accounts, with further products to support SMEs set to follow in the coming months," he continued, adding: "Allica is very well placed to support British businesses now and into the future, with the arrival of Richard adding further weight to our capability to be a leading SME bank."

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