By John Reynolds on Wednesday 27 April 2022
Richard Davies, CEO, Allica Bank spoke to AltFi's Oliver Smith in a “Ask Me Anything’ session at AltFi’s Festival of Finance.
He said many fintechs, during their growth stage, were guilty of accidentally or deliberately angering the regulator, which he said was “not clever”.
“You want to sort of have the right balance. You can grow while also having good terms with the regulator," he said.
“They are not actually a conflicting thing. You just got to have the right team.”
He said he thought that some of the negative stories about Revolut had been “overdone”.
Davies said he was “very confidant” that Revolut would get a banking licence in the UK.
Revolut, which has a banking licence in the European Union, applied for a licence in the UK last year.
On where Allica Bank, which offers businesses asset finance products, commercial mortgages and business savings accounts to SMEs, would be in five years, Davies said: “UK? I want to be 10 per cent plus market share, so not one of those niche players who nibbles around the edges.
“If we were doing that, we would go international, maybe it’s as a software [provider], maybe it’s as a bank.”
Asked what frustrated him about fintech today, Davies said there was “way too much hype” pointing the finger, particularly at some fintechs which were claiming flawed artificial intelligence credentials.