The FinTech challenger bank specifically focused on established businesses with over ten employees.
In brief:
- Allica Bank revealed it has completed more than £2bn in lending to UK businesses, with 80% of that being to businesses outside of London.
- The bank, which made its first loan on the eve of the covid lockdown in March 2020, said over 40% (£820mn) of its total lending was achieved in 2023 alone.
- While in 2022, it also became one of the quickest UK fintechs to become profitable. At that time, Allica forecast that it would lend £3bn in the next three years.
What does this mean?
Allica Bank’s CEO Richard Davies said, “The success Allica Bank has seen in such a short period shows that there’s clearly demand for a bank dedicated to the needs of established SMEs, offering both human relationships and powerful technology. Established SMEs make up a third of the UK economy and are such a core part of our local communities and employment, yet have been increasingly neglected by the big banks. We have plenty more to come in 2024 as we double down on the growth of our business current account, continue to build out our lending capabilities, and further enhance our offering for our intermediary partners.”
