UK-based and SME-focussed Allica Bank hit monthly profitability in June 2022. Moreover, for the second half of fiscal 2022, Allica reports a £3m pre-tax profit.
For the full fiscal 2022, Allica reports a pre-tax loss of £1.6m. This compares with a pre-tax loss of £25m for the prior fiscal year.
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Allica Bank fiscal 2022 highlights
- Revenue growth of 534%;
- SME lending balances increase by £782m, up 139% to £1.35bn (£566m in 2021)
- Deposits up 78% to £1.5bn (£846m in 2021)
- Product highlights include the launch of a new business current account – the Business Rewards Account.
New tech-driven features include Allica’s proprietary automated decision-in-principle software for commercial mortgages. This has already processed over £250m in financing requests. According to Allica, it is saving thousands of hours for customers and staff.
Other notable 2022 hits include the migration of AIB’s GB SME loan portfolio (acquired in 2021). This expands Allica’s customer base by over 1,400. In addition, in fiscal 2022 Allica raised £155m in capital, with a successful £100m Series C funding round completed in December 2022.
Richard Davies, CEO of Allica Bank, said: “2022 was a landmark year for Allica. The bank became profitable, delivered amazing growth in deposits, lending and revenue and launched the flagship Business Rewards Account and completing our Series C funding round in an extremely challenging market.
“We have an obsessive focus on building a distinctive and disruptive proposition for established SMEs. That represents over 30% of the UK’s GDP.
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By GlobalData“With the launch of our Business Rewards Account – developed entirely in-house – we can now proudly say Allica is the UK’s only full-service bank dedicated to serving established SMEs.
“Allica has entered 2023 with an excellent platform to continue to grow and expand its offer to SMEs. In Q1 we’ve already seen profitability growing strongly, with very prudent capital and liquidity positions supporting our continued growth.”
