Allica Bank has launched a £100mn fundraise to build “the leading SME challenger bank”.
This follows £26mn funding from existing investors.
The follow-on investment was led by Warwick Capital Partners.
Allica received full UK banking authorisation at the end of last year.
What does this mean?
The fundraise has been announced due to increasing demand for support for SMEs. Allica Bank says it has received over $1bn of enquiries from businesses since the Covid-19 pandemic.