Allica Bank has reported a landmark year of progress in 2022, becoming one of the fastest UK fintechs to hit profitability.
The bank turned monthly profitable in June 2022, less than three years after securing a banking licence, and achieved a £3m pre-tax profit in the second half of the year.
Allica Bank experienced a transformational year of lending, deposit, and revenue growth, with close to £800m increase in SME lending and over 500% revenue growth year-on-year.
The launch of its proprietary Business Rewards Account made Allica the UK’s only full-service bank dedicated to serving established SMEs.
The bank also appointed Patrick Magee, former chief commercial officer of the British Business Bank, as a non-executive director.
Allica Bank’s 2022 performance highlights include a 534% revenue growth, a 139% increase in SME lending balances to £1.35bn, and a 78% growth in deposits to £1.5bn.
The bank turned a £25m pre-tax loss in 2021 into a £1.6m full-year pre-tax loss in 2022, becoming monthly profitable in June 2022 with a £3m profit before tax in H2 2022.
Richard Davies (pictured), CEO of Allica Bank, said: “2022 was a landmark year for Allica – becoming profitable, delivering amazing growth in deposits, lending and revenue, launching our flagship Business Rewards Account and completing our Series C funding round in an extremely challenging market.
“We have an obsessive focus on building a distinctive and disruptive proposition for established SMEs — which represent over 30% of the UK’s GDP. With the launch of our Business Rewards Account – developed entirely in-house – we can now proudly say Allica is the UK’s only full-service bank dedicated to serving established SMEs.”
Commenting on Patrick Magee’s appointment, John Maltby, chair of Allica, added: “We’re delighted Patrick is joining the Allica Board. Patrick’s deep experience in SME financing, corporate finance and government relations will add to our strong Board and supports our ambitions to lead the market for SME banking in the UK.”
