SME challenger bank Allica has announced the conclusion of a £100 million Series C funding round.

The bank, which is focused on offering SMEs lending, savings and payments services, said the funding will help it to scale and continue to accelerate its “disruptive impact” in the UK SME market.

The funding round was led by global growth technology investor TCV, with participation from existing investors Warwick Capital Partners and Atalaya Capital Management.

Richard Davies, chief executive of Allica Bank said: “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.”

He added: “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.”

Earlier this year, Allica announced that it saw SME lending increase twelvefold to £560 million last year.

At the time, the FinTech challenger said that it would reach profitability in 2022, three years after receiving bank authorisation.

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