CivilisedBank has changed its name to Allica ahead of a launch in the first half of next year.

A statement from the startup explained that the switch reflects its “repositioned digital and relationship offering”, with Allica aiming to be a digital bank for small to medium-sized enterprises (SMEs) which also offers client relationship managers.

Chief executive Mark Stephens said that since initial conception following the financial crisis, the SME market that CivilisedBank was created to serve has changed dramatically.

“Over the last 12 months we’ve worked to ensure the bank comes to market with an offer that responds effectively to the commercial finance issues SMEs are facing now, as part of this, we feel that Allica better represents what the bank now stands for.”

Allica will serve businesses through working capital solutions and cash management, including loans, asset finance, savings and payment services. It will also seek to address the UK retail market with a range of savings products.

Last month, CivilisedBank resubmitted its banking licence application to the Bank of England and announced further funding from main shareholder Warwick Capital Partners.

It had been granted its original banking licence in May 2017, but chose to release it this year to allow for completion of its build phase and ensure that it launched with an optimal customer offering.

Stephens added: “The name Allica stems from a combination of words for alloy and glass which, when combined, build something that is of greater value than the sum of the individual raw materials – just like our customers’ businesses.

“At Allica we will work together with SMEs to help them build the success of their businesses.”

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