Allica Picks Sweden as Its European Launchpad

Hey Digital Banking Fanatic!

Allica is going international. 🇸🇪

The UK digital business bank has applied for a banking licence in Sweden, its first move outside the UK, and has already started building a local team with banking and tech experience.

The move follows a $155 million Series D funding round in February, which valued Allica at close to $1.2 billion and is helping fund its next phase of growth and international expansion.

Why Sweden? Allica sees a strong fit: a highly digital economy, a concentrated banking market, and plenty of established businesses that could benefit from more choice.

If it gets the licence, Sweden could also become a launchpad for wider European expansion.

Can Allica make its UK playbook work in Sweden?

That could tell us a lot about whether its model can travel beyond the UK.

Let’s get into the rest of today’s digital banking stories. 👇

See you tomorrow!

Cheers,

Marcel

INSIGHTS

Italy’s 10 Most Valuable Banks. Italy’s top 10 banks are worth more than $458B combined, with UniCredit ($145B) and Intesa Sanpaolo ($138B) accounting for more than $280B. Together, the two giants are worth almost as much as the other eight banks combined, highlighting the concentration at the top of Italy’s banking market. Read the full story here

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