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Allica scoops £110 million in Series B

SME challenger bank Allica has agreed a £110 million Series B funding round led by Atalaya Capital Management, alongside existing lead investor Warwick Capital Partners.

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Allica scoops £110 million in Series B

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The new equity injection comes just days after the startup boosted its profitability ambitions by agreeing to buy the £600 million British small business loan book of Allied Irish Bank.

Following full completion of the AIB transaction in 2022, Allica Bank expects to have a combined total lending book of over £1 billion and to be profitable on a monthly basis.

The bank, which combines proprietary technology with a network of regional relationship managers, has so far raised £233 million - ranking the firm as one of the UK’s top 20 fintechs by funds raised, according to Beauhurst.

Richard Davies, CEO, Allica Bank says: “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.”

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