Allica Bank
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2019 |
| Headquarters | London, Milton Keynes |
Area served | United Kingdom |
Key people | Richard Davies (CEO) |
| Products | Business banking |
| Revenue |  £191 million [1] (2023) |
| £19.2 million [1] (2023) | |
Number of employees | 491[1] (2023) |
| Website | www |
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).
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
[edit]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
[edit]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
[edit]Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester.[17]
References
[edit]- ^ a b c https://www.allica.bank/hubfs/Allica-Bank_Annual-report_2023.pdf
- ^ a b Cogley, Michael (2020-08-10). "Allica Bank to invest £50m into new current account offering". The Telegraph. ISSN 0307-1235. Retrieved 2024-01-08.
- ^ Tyler, Richard (2024-07-02). "100 fastest-growing companies in Britain 2024 revealed". www.thetimes.com. Retrieved 2024-07-02.
- ^ "Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings". Deloitte United Kingdom. Retrieved 2024-01-08.
- ^ "Allica Bank 2023 UK Fast 50 case study". UK Technology Fast 50. Retrieved 2024-05-15.
- ^ "Banking veteran departs Revolut after one year". Financial Times. 2020-07-27. Retrieved 2023-04-06.
- ^ "AIB confirms sale of British SME book to Allica Bank". The Irish Times. Retrieved 2023-04-06.
- ^ "Allica Bank completes £500m AIB loan book migration and reveals first business current account details". AltFi. 9 August 2022. Retrieved 2023-04-06.
- ^ "Allica Bank: Fintech darling reports first annual profit as loan book swells to £2bn". Yahoo Finance. 2024-04-22. Retrieved 2024-05-15.
- ^ Howard, Tom (2024-05-15). "Raise safety net for business deposits 'to boost banking competition'". The Times. ISSN 0140-0460. Retrieved 2024-05-15.
- ^ "Allica Bank hits profitability". AltFi. 27 September 2022. Retrieved 2023-04-06.
- ^ Topham, Elliot (29 August 2024). "Allica enters bridging market after acquiring Tuscan". Bridging & Commercial.
- ^ "Allica Bank plans to raise £100m to meet loan demand". Financial Times. 2020-09-17. Retrieved 2023-04-06.
- ^ Griffiths, Katherine (26 November 2021). "Small business lender Allica raises £110m as it quickens growth". The Times. ISSN 0140-0460. Retrieved 2023-04-06.
- ^ "Allica Bank scores £55m in debt and equity". Finextra Research. 2022-06-14. Retrieved 2023-04-06.
- ^ Conchie, Charlie (2022-12-05). "Allica Bank bags £100m cash injection after swing into profit". CityAM. Retrieved 2023-04-06.
- ^ "About Us | Expert SME Banking | Allica Bank". www.allica.bank.