The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have announced the first cohort of banks and building societies to join the scale-up unit.

The six firms include Allica Bank, ClearBank, Monument Bank, Nottingham Building Society, OakNorth Bank and Zopa Bank.

The scale-up unit, announced in October last year, is designed to “build stronger ties and provide tailored support for fast-growing and innovative financial firms”.

The first cohort of firms will receive support to help them navigate the regulatory landscape as they develop new products, attract new customers, and move into new markets.

In the coming months, PRA and FCA officials will meet directly with the firms, both as a group and individually.

PRA executive director for UK Deposit Takers Charlotte Gerken says: “Welcoming the first cohort to our Scale-up Unit is an important milestone. It shows our commitment to helping firms grow in a sustainable way that benefits the financial services sector and wider economic growth.”

FCA chief data, information and intelligence officer Jessica Rusu adds: “We look forward to working with the first cohort as we deliver on our strategy to support growth and UK competitiveness. Our joint Scale-Up Unit enhances the support available to firms as they move from start-up to scale up, helping them to grow successfully and sustainably.”

Meanwhile, Allica Bank chief executive Richard Davies adds: “Allica are delighted to be included in the initial Scale-up Unit cohort, having led the call for a dedicated regulatory unit to support firms as they scale.”

“The Unit should provide banks like Allica with more capital certainty and more regulatory support to boost lending to the established SMEs that power the UK’s real economy.”

“Done well, the Scale-up Unit can support the government’s objective to make the UK the location of choice for financial services firms to invest, innovate and grow.”