Allica Bank

Last updated
Allica Bank Limited
Company type Private
Industry Financial services
Founded2019;5 years ago (2019)
Headquarters London, Milton Keynes
Area served
United Kingdom
Key people
Richard Davies (CEO)
ProductsBusiness banking
RevenueIncrease2.svg £191 million [1]  (2023)
Increase2.svg £19.2 million [1]  (2023)
Number of employees
Increase2.svg 491 [1]  (2023)
Website www.allica.bank

Allica Bank is a British challenger bank headquartered in London and Milton Keynes. It offers a range of lending, savings and current account products to UK small and medium-sized businesses (SMEs).

Contents

Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019. [2] In June 2024, it was revealed as the UK's fastest-growing private company in The Sunday Times 100, [3] after having also been named as the UK's fastest-growing fintech ever in Deloitte's 2023 UK Tech Fast 50. [4]

History

Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019 [2] and made its first loan in March 2020. [5] It appointed Revolut's Chief Operating Officer Richard Davies as its CEO in July 2020. [6]

In November 2021, Allica Bank acquired Allied Irish Banks's British SME lending portfolio, composed of about £600 million of loans to 2,000 customers. [7] The process was reported to have completed in August 2022. [8]

Allica Bank launched its business current account in January 2023. By the end of the year it was reported to have 2,000 business current account customers. [9] That same year, Allica revealed it achieved its first full-year profit and that it had lent over £2 billion to SME businesses since it launched. This represented an increase of 47% on the previous year. [10] It had previously predicted it would reach £3 billion of business lending by 2025. [11]

In August 2024, Allica acquired specialist bridging lender Tuscan Capital, which it plans to fully integrate into its main business. [12]

Fundraising

Warwick Capital Partners led a £26 million funding round in Allica Bank in September 2020. [13]

In late-November 2021, Allica Bank announced it had closed a £110 million Series B fundraise, led by new investor Atalaya Capital Management, along with existing investor, Warwick. [14]

In June 2022, Allica Bank raised a further £55 million from existing investors Warwick and Atalaya, and British Business Investments (part of the British Business Bank). [15]

TCV, a leading global technology investor, led a £100 million funding round in Allica Bank in December 2022, alongside existing investors Warwick and Atalaya. [16]

Locations

Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester. [17]

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References

  1. 1 2 3 https://www.allica.bank/hubfs/Allica-Bank_Annual-report_2023.pdf
  2. 1 2 Cogley, Michael (2020-08-10). "Allica Bank to invest £50m into new current account offering". The Telegraph. ISSN   0307-1235 . Retrieved 2024-01-08.
  3. ↑ Tyler, Richard (2024-07-02). "100 fastest-growing companies in Britain 2024 revealed". www.thetimes.com. Retrieved 2024-07-02.
  4. ↑ "Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings". Deloitte United Kingdom. Retrieved 2024-01-08.
  5. ↑ "Allica Bank 2023 UK Fast 50 case study". UK Technology Fast 50. Retrieved 2024-05-15.
  6. ↑ "Banking veteran departs Revolut after one year". Financial Times. 2020-07-27. Retrieved 2023-04-06.
  7. ↑ "AIB confirms sale of British SME book to Allica Bank". The Irish Times. Retrieved 2023-04-06.
  8. ↑ "Allica Bank completes £500m AIB loan book migration and reveals first business current account details". AltFi. 9 August 2022. Retrieved 2023-04-06.
  9. ↑ "Allica Bank: Fintech darling reports first annual profit as loan book swells to £2bn". Yahoo Finance. 2024-04-22. Retrieved 2024-05-15.
  10. ↑ Howard, Tom (2024-05-15). "Raise safety net for business deposits 'to boost banking competition'". The Times. ISSN   0140-0460 . Retrieved 2024-05-15.
  11. ↑ "Allica Bank hits profitability". AltFi. 27 September 2022. Retrieved 2023-04-06.
  12. ↑ Topham, Elliot (29 August 2024). "Allica enters bridging market after acquiring Tuscan". Bridging & Commercial.
  13. ↑ "Allica Bank plans to raise £100m to meet loan demand". Financial Times. 2020-09-17. Retrieved 2023-04-06.
  14. ↑ Griffiths, Katherine (26 November 2021). "Small business lender Allica raises £110m as it quickens growth". The Times. ISSN   0140-0460 . Retrieved 2023-04-06.
  15. ↑ "Allica Bank scores £55m in debt and equity". Finextra Research. 2022-06-14. Retrieved 2023-04-06.
  16. ↑ Conchie, Charlie (2022-12-05). "Allica Bank bags £100m cash injection after swing into profit". CityAM. Retrieved 2023-04-06.
  17. ↑ "About Us | Expert SME Banking | Allica Bank". www.allica.bank.
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