/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.
Allica Bank scores £100 million funding round

Allica Bank scores £100 million funding round

SME challenger bank Allica has raised £100 million in a Series C funding round led by growth technology investor TVC.

Allica Bank moved into profitability in June having reached £1 billion of lending and migration of 2000 new customers from AIB.

Allica, which offers a portfolio of lending, savings and investment products to SMEs typically neglected by larger banks, reported Q3 2022 revenues up 743% year-on-year compared to 2021.

Richard Davies, chief executive of Allica Bank and former executive at HSBC and Revolut, says: “From the moment we sat down with TCV it was clear we shared the same vision to transform SME banking in the UK, by taking on the mainstream ‘high street’ banking market”

“It’s a massive vote of confidence in the team we’ve built at Allica to attract backing from such a world-class technology investor under the toughest of market conditions, and this £100 million funding round will enable us to support far more of Britain’s established and growth companies, who have been underserved for too long.”

Comments: (0)