Allica Bank has become the 38th company to join Acquis Data Services’ Lumia platform for asset finance monitoring.

Launched in 2022, Lumia provides a view of a company’s asset finance arrangements, enabling them to identify suspicious borrowing activities.

Allica Bank, a challenger business bank focusing on established SMEs, introduced its asset finance product in January 2021.

By the end of last year, the bank had provided more than £650m ($863.40m) in asset finance and aims to reach £1bn by the end of 2025.

Across all lending products, Allica has lent over £3bn to UK businesses.

The bank reported a profit after tax of £29.8m in 2024, marking a 55.2% increase from £19.2m in 2023.

Its gross revenue grew to £292.1m in 2024 from £173.9m a year ago. 

Acquis Data Services director James Rudolf said: “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.”

Allica Bank senior product owner James Breteche said: “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.”

Last month, Acquis Data Services introduced a “portfolio monitoring” feature to the Lumia platform.  

This enhancement allows users to identify and monitor “significant changes” in borrowing value throughout the agreement’s life, offering deeper insights into financial patterns.