SME bank Allica concludes £100m fundraise

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.

    Share Story:

Recent Stories


Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.

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: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.

Unleashing generative AI: A force multiplier for financial crime teams
This FStech webinar, sponsored by NICE Actimize sees industry experts examine the revolutionary impact of generative AI on financial crime operations, and provides actionable insights to enhance your compliance strategies.