Allica Bank
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| Private | |
| Industry | Business banking |
| Headquarters | London, Milton Keynes |
Area served | United Kingdom |
Key people | Richard Davies (CEO) |
| Products | Business banking |
| Website | www |
Allica Bank is a British challenger bank focused on small and medium-sized businesses. It is headquartered in London and Milton Keynes, and offers a range of lending, savings and bank account products to UK businesses.
History
Allica Bank was awarded its banking licence by the Prudential Regulation Authority in 2019.[1]
In July 2020, Allica Bank appointed Richard Davies as its new CEO. Davies joined from Revolut, where he held the role of Chief Operating Officer.[2]
In November 2021, Allica Bank acquired AIB's Great British SME lending portfolio, comprised of about £600 million of loans and 2,000 customers.[3] The process was reported to have completed in August 2022.[4]
By March 2022, Allica said it has raised over £1 billion in customer deposits.[5] In July 2022, Allica Bank announced it had lent £1 billion to small and medium businesses since it launched in March 2020.[6]
In September 2022, Allica Bank reported that it had become profitable. This was put down to the success of its lending business, through which it predicted to make £3 billion of lending to businesses between 2022 and 2025.[7]
Fundraising
Warwick Capital Partners led a £26 million funding round in Allica Bank in September 2020.[8]
In late-November 2021, Allica Bank announced it had closed a £110 million Series B fundraise, led by new investor Atalaya Capital Management, along with existing investor, Warwick.[9]
In June 2022, Allica Bank raised a further £55 million from existing investors Warwick and Atalaya, and British Business Investments (part of the British Business Bank).[10]
TCV, a leading global technology investor, led a £100 million funding round in Allica Bank in December 2022, alongside existing investors Warwick and Atalaya.[11]
Locations
Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester.[12]
References
- ↑ "Allica secures banking licence and plans to fully launch in coming weeks". specialistbanking.co.uk. Retrieved 2023-04-06.
- ↑ "Banking veteran departs Revolut after one year". Financial Times. 2020-07-27. Retrieved 2023-04-06.
- ↑ "AIB confirms sale of British SME book to Allica Bank". The Irish Times. Retrieved 2023-04-06.
- ↑ "Allica Bank completes £500m AIB loan book migration and reveals first business current account details". AltFi. Retrieved 2023-04-06.
- ↑ "Allica Bank raises over £1 billion of deposits". ffnews.com. Retrieved 2023-04-07.
- ↑ "Allica Bank eyes profitability as it hits £1bn of lending". AltFi. Retrieved 2023-04-06.
- ↑ "Allica Bank hits profitability". AltFi. Retrieved 2023-04-06.
- ↑ "Allica Bank plans to raise £100m to meet loan demand". Financial Times. 2020-09-17. Retrieved 2023-04-06.
- ↑ Griffiths, Katherine (26 November 2021). "Small business lender Allica raises £110m as it quickens growth". The Times. ISSN 0140-0460. Retrieved 2023-04-06.
- ↑ "Allica Bank scores £55m in debt and equity". Finextra Research. 2022-06-14. Retrieved 2023-04-06.
- ↑ Conchie, Charlie (2022-12-05). "Allica Bank bags £100m cash injection after swing into profit". CityAM. Retrieved 2023-04-06.
- ↑ Limited, Allica Bank. "About Us | Expert SME Banking | Allica Bank". www.allica.bank. Retrieved 2023-04-06.
External links
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