What Makes Allica Bank a FinTech Powerhouse

Banking Growth, FinTech Talent, and the Future of SME Lending

In this special edition of FinTech Focus TV, recorded live at PAY360 2025, host Ian Bailey welcomes Prajval Dsilva, Vice President of Growth at Allica Bank, for an in-depth discussion about growth, technology, and leadership in FinTech. This episode delivers vital insights for companies scaling in financial services and candidates looking to make their next move in an evolving sector.

Allica Bank’s remarkable growth trajectory, its strategic commitment to the SME space, and Prajval’s own rapid career progression make this a standout episode for the FinTech community. For Harrington Starr, a FinTech recruitment business committed to connecting the best talent with the world’s most ambitious firms, this episode underscores the importance of hiring for both expertise and vision.

From Deloitte Consultant to VP of Growth: Prajval Dsilva’s International FinTech Journey

Prajval begins by sharing his unique background. Born in India and trained as a mechanical engineer, he relocated to the US to complete his master’s degree in industrial engineering. His early professional years were spent at Deloitte in Charlotte, North Carolina, where he worked across a range of financial services clients, including banks, insurers, and payments firms.

This consulting foundation gave him a front-row seat to the strategic and analytical challenges facing major financial institutions. It also revealed opportunities for innovation in segments that were often underserved, particularly the SME banking market. Realising the limitations of the traditional model and seeking to deepen his expertise, Prajval pursued an MBA at London Business School.

While in London, he came across Allica Bank, a digital-first institution focused on the established SME segment, a space he had worked in during his US consulting days. Intrigued by the opportunity to apply his skills in a more hands-on environment, he joined the bank as an intern while still completing his MBA. That internship evolved into a full-time role, and four years later, he is leading Allica’s growth efforts as VP.

Why Allica Bank Focuses on the ‘M’ in SME

A recurring theme throughout the episode is Allica Bank’s strategic focus on the “M” in SME, established small and medium-sized enterprises, rather than microbusinesses or sole traders. While large banks aim to serve every customer type, from individuals to corporations, this middle market is often overlooked. Prajval explains that most traditional banks either offer cookie-cutter solutions for smaller businesses or devote full teams to complex corporate clients, leaving a large segment in between underserved.

Allica Bank fills that void. They target companies with over five to ten employees or at least £500,000 in annual turnover. These businesses have banking needs that are too complex for consumer-style platforms, yet not profitable enough for big banks to assign dedicated teams.

This strategic positioning allows Allica Bank to build products and services specifically designed for this group. It's a niche approach, but one that is proving incredibly effective. As Prajval puts it, they lean into the operational complexity that larger institutions avoid, crafting tailored solutions that directly address the pain points of their SME customers.

A Full-Service Bank That Prioritises Technology

Allica Bank provides a comprehensive suite of services to its SME clients, including commercial mortgages, bridging loans, business bank accounts, savings products, and payments solutions. But what sets them apart from traditional players is their relentless focus on technology. According to Prajval, over a third of Allica’s workforce is involved in tech. This includes engineers, product managers, and data professionals who are building much of the technology stack in-house.

This internal development approach gives Allica the flexibility to innovate and iterate quickly. Unlike legacy banks that often rely on outdated core banking systems, Allica has built modern, scalable platforms from scratch. The result is a clean, efficient user experience designed specifically for established SMEs.

Yet, despite their technological sophistication, Allica Bank hasn’t abandoned the human element. Whereas many high street banks are removing relationship managers from SME support, Allica is actively adding them. Their belief is that combining technology with personalised service creates a more effective banking experience. This hybrid model, a blend of digital innovation and human connection, is rare in the financial services sector and is a big reason for their success.

Trust, Regulation, and Reputation: Why SMEs Choose Challenger Banks

Ian Bailey raises a key question that many business owners might have: why switch from a trusted, well-known high street bank to a newer institution like Allica? Prajval responds with several compelling reasons. First, Allica Bank is a fully regulated and licensed bank, just like its larger counterparts. Clients receive the same financial protections and compliance standards as they would with any major institution.

Second, the bank’s leadership team has deep experience across both traditional banking and FinTech. CEO Richard Davies, for example, is a recognised figure in the industry. His presence helped Prajval feel confident in the organisation even before he joined. Third, and perhaps most important, Allica Bank is profitable. In an era where many FinTechs struggle with sustainability, profitability demonstrates credibility, security, and long-term viability.

Allica’s banking products are also built on three foundational pillars: delivering customer value, maintaining strong client relationships, and investing in technology. This balance of practical value and strategic focus has helped the bank win trust among SMEs that feel ignored or underserved by larger institutions.

Building a High-Performance FinTech Team

As a FinTech recruitment company, Harrington Starr knows that behind every successful FinTech is a high-performing team. In this episode, Ian asks Prajval how Allica attracts and retains talent in such a competitive environment. Prajval notes that as the bank’s profile has grown, so has the volume of inbound interest from top candidates. Accolades like being named the fastest-growing FinTech by Deloitte and winning the Financial Times' fastest-growing tech company award, twice, have played a major role in enhancing their employer brand.

However, attracting talent is only half the battle. Retaining it requires intentional effort. Prajval credits the bank’s HR team and leadership with creating a culture that values innovation, collaboration, and career development. Employees are given room to grow, the opportunity to take on meaningful work, and access to a supportive leadership structure. It’s a culture designed to support long-term success, not just short-term output.

While data powers modern banking, it's the people who drive the ideas, relationships, and execution that bring it to life. This ethos aligns perfectly with the kind of FinTech recruitment strategies we promote at Harrington Starr, finding talent that not only fits the job description but also thrives within a company’s mission and values.

FinTech Recruitment and the Future of SME Banking

This conversation also highlights several trends with implications for FinTech hiring and recruitment. Prajval mentions that with interest rates no longer at historic lows, many SMEs are beginning to reassess their banking relationships. Businesses that previously stuck with legacy banks by default are now questioning whether they’re truly receiving value.

He cites a survey suggesting that one in three SMEs will be re-evaluating their banking choices in the near future. For Allica Bank, this opens the door to further market penetration. For the broader FinTech recruitment sector, it signals growing demand for professionals who can support this shift, people who understand customer experience, compliance, data analytics, and scalable product development.

Candidates looking to enter or progress within FinTech will increasingly be evaluated on their ability to operate in fast-growth, client-centric environments. As challenger banks expand and adapt to shifting customer demands, they will require top-tier talent to continue delivering best-in-class services. This means recruitment partners must not only understand the roles they’re filling but also the context in which those roles exist.

Reassessing Career and Banking Choices in a Dynamic Market

Prajval closes the episode with a personal insight that applies broadly across FinTech and beyond. He encourages viewers to take time to reevaluate choices they may be taking for granted, whether it's a long-standing relationship with a bank or a comfortable but unfulfilling career path. In both cases, the cost of inertia can be high.

For SMEs, failing to reassess their financial service providers could mean missing out on more tailored solutions and better customer support. For professionals in the FinTech space, staying in a stagnant environment might limit long-term career potential. At Harrington Starr, we consistently encourage candidates and clients to think proactively about their decisions, whether hiring, changing roles, or adopting new technologies.

This philosophy aligns with Allica Bank’s own growth story. From its early days to becoming one of the UK’s fastest-growing financial technology companies, its success has come from continuous evaluation, strategic focus, and bold decisions.

A FinTech Case Study for Clients and Candidates Alike

This episode of FinTech Focus TV isn’t just a behind-the-scenes look at a successful digital bank; it’s a masterclass in how to build and scale a FinTech business in today’s market. For clients looking to hire for growth, Allica Bank shows what’s possible when leadership, strategy, and execution align. For candidates navigating the FinTech job market, it provides a clear example of how talent can thrive in the right environment.

At Harrington Starr, our work sits at the intersection of technology and talent. We understand that businesses need more than just CVs, they need partners who can advise, align, and deliver. This podcast reflects many of the principles we hold dear: clarity of purpose, excellence in delivery, and a people-first approach to business.

Whether you’re hiring for your FinTech company or exploring new opportunities as a professional in this space, this conversation between Ian Bailey and Prajval Dsilva is essential viewing. Allica Bank’s trajectory reinforces the power of specialisation, the importance of culture, and the critical role that great people play in turning vision into reality.