Allica Bank

Last updated
Allica Bank Limited
Company type Private
Industry Financial services
Founded2019;6 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 and fintech 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]

In March 2025, Allica was listed as the second fastest growing company in Europe in the FT1000, the list of Europe’s 1,000 fastest growing companies for 2025, compiled by the Financial Times. [13]

Fundraising

Warwick Capital Partners led a £26 million funding round in Allica Bank in September 2020. [14]

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. [15]

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). [16]

TCV, a leading global technology investor, led a £100 million funding round in Allica Bank in December 2022, alongside existing investors Warwick and Atalaya. [17]

Locations

Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester. [18]

References

  1. 1 2 3 "Archived copy" (PDF). Archived (PDF) from the original on 2024-05-08. Retrieved 2024-05-15.{{cite web}}: CS1 maint: archived copy as title (link)
  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". The Times . Archived from the original on 2024-07-02. Retrieved 2024-07-02.
  4. ↑ "Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings". Deloitte United Kingdom. Archived from the original on 2024-01-08. Retrieved 2024-01-08.
  5. ↑ "Allica Bank 2023 UK Fast 50 case study". UK Technology Fast 50. Archived from the original on 2024-05-15. Retrieved 2024-05-15.
  6. ↑ "Banking veteran departs Revolut after one year". Financial Times. 2020-07-27. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  7. ↑ "AIB confirms sale of British SME book to Allica Bank". The Irish Times. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  8. ↑ "Allica Bank completes £500m AIB loan book migration and reveals first business current account details". AltFi. 9 August 2022. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  9. ↑ "Allica Bank: Fintech darling reports first annual profit as loan book swells to £2bn". Yahoo Finance. 2024-04-22. Archived from the original on 2024-05-15. 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. Archived from the original on 2024-05-15. Retrieved 2024-05-15.
  11. ↑ "Allica Bank hits profitability". AltFi. 27 September 2022. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  12. ↑ Topham, Elliot (29 August 2024). "Allica enters bridging market after acquiring Tuscan". Bridging & Commercial.
  13. ↑ "FT1000: Europe's Fastest Growing Companies 2025 ranking". Financial Times. 2025-03-04. Retrieved 2025-03-05.
  14. ↑ "Allica Bank plans to raise £100m to meet loan demand". Financial Times. 2020-09-17. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  15. ↑ Griffiths, Katherine (26 November 2021). "Small business lender Allica raises £110m as it quickens growth". The Times . ISSN   0140-0460. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  16. ↑ "Allica Bank scores £55m in debt and equity". Finextra Research. 2022-06-14. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  17. ↑ Conchie, Charlie (2022-12-05). "Allica Bank bags £100m cash injection after swing into profit". CityAM. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
  18. ↑ "About Us | Expert SME Banking | Allica Bank". www.allica.bank. Archived from the original on 2023-04-06. Retrieved 2023-04-06.
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