Digital SME bank CivilisedBank has changed its name to Allica.

When launched in 2019, Allica aims to be a digital SME bank with service key for its business customers.

Mark Stephens, chief executive officer of Allica, said: “Since its 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.”

Focused on the UK SME market and funded by SME and retail savings, Allica will ultimately serve businesses through working capital solutions and cash management, including loans, asset finance, savings and payment services. Allica will also be involved in the UK retail market with a range of savings products.

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.”