Digital bank Allica Bank has raised £55mn funding led by a subsidiary of British Business Bank.
In Brief:
British Business Investments will offer a £30mn capital facility.
The round also included Warwick Capital Partners and Atalaya Capital Management.
They've provided £25mn equity funding.
What does this mean?
Allica Bank saw its lending reach £560mn least year, and will use the funding as “additional fuel” for growth, says CityAM. It is currently prioritising profitability which it expects to reach in May.
