Scottish Challenger Bank AlbaCo Announces 2020 Launch
Glasgow-based challenger bank AlbaCo is preparing to launch in early 2020. The fintech will provide lending and savings facilities to SMEs through a “relationship-based model.” The company is currently in the process of selecting a core banking partner, as well as a cloud partner, according to a press release.
The challenger bank is staffed by a number of prominent names in the fintech world, with several (such as the CEO and CFO) coming from Airdrie Savings Bank. The CEO is Rod Ashley, who also chairs the audit and risk committee at No1 CopperPot Credit Union in Manchester. Ashley worked as CEO for five years at Airdrie.
Additionally, Michael Harriman, IT advisor for AlbaCo, has also advised another UK-based SME challenger, Redwood Bank, on its cloud-based IT strategy.