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|  |
| Company type | Private |
|---|---|
| Industry | Business banking |
| Headquarters | London, Milton Keynes |
Area served | United Kingdom |
Key people | Richard Davies (CEO) |
| Products | Business banking |
| Website | www |
Allica Bank is a British challenger bank headquartered in London and Milton Keynes. It offers a range of lending, savings and bank account products to UK businesses.[1]
Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019.[2] In Deloitte's UK Tech Fast 50, it was revealed as the fastest-growing UK company in 2023 and the UK's fastest-growing fintech ever.[3]
History edit
Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019.[2] It appointed Revolut's Chief Operating Officer Richard Davies as its new CEO in July 2020.[4]
In November 2021, Allica Bank acquired AIB's Great British SME lending portfolio, comprised of about £600 million of loans and 2,000 customers.[5] The process was reported to have completed in August 2022.[6]
By March 2022, Allica said it has raised over £1 billion in customer deposits,[7] followed in July 2022 with the announcement that it had lent £1 billion to small and medium businesses since it launched in March 2020.[8]
In September 2022, Allica Bank reported that it had become profitable, with its lending balances increasing from £782 million to £1.35 billion that year.[9] In 2022, Allica reported a 500% growth in revenue.[10] It has predicted it will make £3 billion of lending between 2022 and 2025.[11]
Fundraising edit
Warwick Capital Partners led a £26 million funding round in Allica Bank in September 2020.[12]
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.[13]
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).[14]
TCV, a leading global technology investor, led a £100 million funding round in Allica Bank in December 2022, alongside existing investors Warwick and Atalaya.[15]
Locations edit
Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester.[1]
References edit
- ^ a b Limited, Allica Bank. "About Us | Expert SME Banking | Allica Bank". www.allica.bank. Retrieved 2023-04-06.
- ^ 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.
- ^ "Allica Bank tops the 2023 Deloitte UK Tech Fast 50 rankings". Deloitte United Kingdom. Retrieved 2024-01-08.
- ^ "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 raises over £1 billion of deposits". ffnews.com. Retrieved 2023-04-07.
- ^ "Allica Bank eyes profitability as it hits £1bn of lending". AltFi. 6 July 2022. Retrieved 2023-04-06.
- ^ "Allica Bank posts almost £800m year-on-year surge in SME lending". bridgingandcommercial.co.uk. Retrieved 2023-05-08.
- ^ Conchie, Charlie (2023-05-04). "Allica Bank's Richard Davies on navigating crises and plans for business banking domination". CityAM. Retrieved 2023-05-08.
- ^ "Allica Bank hits profitability". AltFi. 27 September 2022. Retrieved 2023-04-06.
- ^ "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.
Category:Banks Category:Financial technology companies Category:Banks of the United Kingdom Category:Financial services companies based in the City of London