Allica Bank has signed a £110m Series B funding round led by Atalaya Capital Management, alongside existing lead investor Warwick Capital Partners.
Allica provides a full range of credit and payment services to established, growing SMEs – combining proprietary technology and experienced local relationship managers to provide great customer experience.
Since first opening its doors to SME lending in March 2020, the bank achieved more than £0.5bn in committed loan offers provided to
customers in the last twelve months, and winning a series of major industry awards.
Alongside this organic growth, Allica has also announced its first major acquisition with an agreement to acquire c.2,000 SME customers and c.£0.6bn of associated SME lending from AIB Group (UK) Plc.
The new £110m funding round will support continued investment in Allica’s proprietary technology and relationship management experience, alongside providing the capital to support the acquisition of AIB’s SME lending portfolio and continued organic growth.
Richard Davies (pictured), CEO, Allica Bank, said: “While most digital and challenger banks are focused on specialist lending markets or secondary payment accounts, this transaction demonstrates how Allica is leading the charge in taking on the mainstream ‘high street’ banking market for established, growing SMEs.
“We are fast becoming the SME lender of choice with our powerful mix of proprietary technology and experienced local relationship managers.
“This £110m funding round, alongside the acquisition from AIB, will enable us to support and scale even more of Britain’s established SMEs and growth companies, at a time when SMEs are looking for more tailored support from their bank.”
Investment to date in Allica Bank now amounts to £233m.
