Digital lending FinTech Allica Bank has raised £100mn funding.
In Brief:
This was an equity round led by technology investor TVC.
It also included existing investors Warwick Capital Partners and Atalaya Capital Management.
This follows Allica becoming a profitable business in June this year.
What does this mean?
With investors showing more caution in the current climate, the raise was helped by Allica’s move into profitability earlier this year – with CEO Richard Davies saying that “pure growth” stocks have become unpopular while Allica’s focus is “high growth and profits”.
With the new cash injection, Allica Bank continues its aim to increase its market share, eating into that of traditional lenders. It says that while more defaults are expected amid the current economic situation, it is prepared for this.
