The digital bank becomes the 38th organisation to sign up to asset finance register, Acquis Lumia
Acquis Data Services has announced today that Allica Bank has now signed up to its Lumia platform.
The challenger business bank, which is the fastest-growing company in the UK according to The Sunday Times, is the 38th company to sign up to Lumia, the register of asset finance borrowing that provides a real-time view of a company’s current asset finance arrangements. The Lumia platform was launched in 2022 and enables asset finance providers to identify suspicious or irregular borrowing on a large scale – and alert the lender to possible fraudulent activity.
Allica Bank, the business bank dedicated to serving established SMEs, launched its asset finance product in January 2021. By the end of 2024, it had already provided over £650 million in asset finance and is targeting £1 billion by the end of 2025. Across all its lending products, the bank – which also provides business current accounts and savings accounts – has lent over £3 billion to UK businesses.
James Rudolf, Director at Acquis Data Services, commented on the latest signing: “Lumia has been in the market for three years and now covers 75% of the total asset finance industry. We are absolutely thrilled with Allica Bank joining – its asset finance business has grown exponentially in recent years and now totals over £650m. This just brings us one step closer to whole of market coverage for Lumia.”
James Breteche, Senior Product Owner at Allica Bank, commented: “A core area of focus for my team is ensuring that Allica is secure and always able to support our customers, and that includes defending against fraud which is an issue that affects everyone. Integrating with Lumia is a really positive step forward in identifying and preventing fraud, not only for Allica but across the industry.”
