Allica Bank has applied to Finansinspektionen, Sweden's financial regulator, for a banking licence, which would mark its first expansion outside the UK. The move follows the bank's $155 million Series D funding round in February, which valued the lender at nearly $1.2 billion. A Swedish banking licence would also enable Allica to provide services in other European Union markets over time. Allica Bank CEO Richard Davies stated that Sweden was a natural choice due to its digital economy and respected regulator. The bank has already established a legal entity in Sweden and appointed a local leadership team. Since receiving its UK banking licence in 2019, Allica has provided over £4 billion ($5.4 billion) in lending to UK businesses. The application remains subject to assessment and approval by Finansinspektionen.