Allica Bank has has surpassed £1 billion in asset finance lending.

The digital challenger bank, which serves SMEs with between five and 250 employees, first launched its asset finance offering in 2021.

After reaching £500 million in asset finance lending by April 2024, it took almost half the time for Allica to deliver the same amount again, which the neobank said highlights the speed at which the proposition is scaling.

The bank added that reaching this milestone was supported by a business model which combines "powerful, proprietary technology" with human expertise.

Allica reports it is now receiving an average of 750 asset finance applications from brokers every month.

The organisation also now has a specialist asset finance business development team of 14 people based across the UK.

Additionally, it has introduced a broader soft and medium asset range covering IT and security equipment, restaurant fitouts, software, and even funded a padel court.

Allica says that these improvements form part of its ambition to build a "one-stop asset finance shop" designed around the needs of established businesses.

“Reaching £1 billion in asset finance lending is a huge moment for us, but it’s really a testament to the trust and support of our broker partners," said Brandon Hall, head of asset finance sales, Allica Bank. "Everything we build starts with their feedback.

"We review every single comment that comes through our broker surveys, analyse it as a team, and use it to shape our product roadmap. That’s how we’ve earned a reputation for fast, consistent decision making and a service brokers can depend on."

Hall went on to reveal that the business has more "exciting enhancements" planned for the year ahead, all designed to make it easier for brokers to get the right finance in place for their clients.

The announcement comes after Allica surpassed £3.5 billion in total lending at the end of last year.

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