Allica Bank, which offers FinTech services to smaller businesses, has raised over £1bn in deposits.
In Brief:
The deposits come from both business and personal savers.
Allica has partnerships with businesses like Flagstone, Revolut, Chip and Hargreaves Lansdown.
The bank combines technology and local relationship managers to support established, growing SMEs.
What does this mean?
The milestone follows successful funding rounds from the past two years and Allica says its aim is still to provide a market leading digital experience and to grow sustainably.
