Allica Bank has announced it has completed £500 million of asset finance lending.
The digital bank first launched its asset finance arm in January 2021.
It said that over the past year it has lent almost double the amount it recorded in the previous two years combined.
“Allica has built a reputation among brokers for fast and consistent decision-making, supported by top-class customer service,” said Brandon Hall, Allica Bank’s head of asset finance sales.
Earlier this week, Allica Bank announced it had reached its first full-year of profitability three years after the UK FinTech started lending to SMEs.
The bank saw lending jump 47 per cent to £2 billion in the year ended 31 December 2023.
Allica, which first started lending to SMEs in 2020, recorded pre-tax profit of £16.1 million for the 12-month period.
Latest News
-
BPCE agrees to acquire Novo Banco in €6.4 billion deal
-
Klarna partners with AI gifting platform to launch loyalty rewards
-
Shopify partners with Coinbase and Stripe to launch stablecoin payments for merchants
-
FStech stages successful Future of FinTech 2025 conference
-
NatWest to shut 55 more branches as customers voice concerns over digital shift
-
Barclays joins forces with Microsoft and Nvidia to launch London Innovation Hub
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories