| Allica Bank Limited | |
| Type: | Private |
| Industry: | Financial services |
| Hq Location: | London, Milton Keynes |
| Area Served: | United Kingdom |
| Key People: | Richard Davies (CEO) |
| Products: | Business banking |
| Revenue: | £191 million [1] |
| Revenue Year: | 2023 |
| Net Income: | £19.2 million [2] |
| Net Income Year: | 2023 |
| Num Employees: | 491[3] |
| Num Employees Year: | 2023 |
Allica Bank is a British challenger bank headquartered in London and Milton Keynes. It offers a range of lending, savings and current account products to UK small and medium-sized businesses (SMEs).
Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019. In June 2024, it was revealed as the UK's fastest-growing private company in The Sunday Times 100,[4] after having also been named as the UK's fastest-growing fintech ever in Deloitte's 2023 UK Tech Fast 50.[5]
Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019[6] and made its first loan in March 2020.[7] It appointed Revolut's Chief Operating Officer Richard Davies as its CEO in July 2020.[8]
In November 2021, Allica Bank acquired Allied Irish Banks's British SME lending portfolio, composed of about £600 million of loans to 2,000 customers.[9] The process was reported to have completed in August 2022.[10]
Allica Bank launched its business current account in January 2023. By the end of the year it was reported to have 2,000 business current account customers.[11] That same year, Allica revealed it achieved its first full-year profit and that it had lent over £2 billion to SME businesses since it launched. This represented an increase of 47% on the previous year.[12] It had previously predicted it would reach £3 billion of business lending by 2025.[13]
In August 2024, Allica acquired specialist bridging lender Tuscan Capital, which it plans to fully integrate into its main business.[14]
Warwick Capital Partners led a £26 million funding round in Allica Bank in September 2020.[15]
In late-November 2021, Allica Bank announced it had closed a £110 million Series B fundraise, led by new investor Atalaya Capital Management, along with existing investor, Warwick.[16]
In June 2022, Allica Bank raised a further £55 million from existing investors Warwick and Atalaya, and British Business Investments (part of the British Business Bank).[17]
TCV, a leading global technology investor, led a £100 million funding round in Allica Bank in December 2022, alongside existing investors Warwick and Atalaya.[18]
Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester.[19]