Allica Bank has completed more than £2bn in lending to UK businesses. Notably, around 80% of the bank’s lending is to businesses located outside of London. Allica Bank’s lending is specifically focused on established businesses with over ten employees.
The bank made its first loan on the eve of the covid lockdown in March 2020. It said that over 40% (£820m) of its total lending was achieved in 2023 alone. Over half was to support businesses purchasing or refinancing a property, including new premises or to release cash for investment. Another £230m was lent to businesses investing in new equipment or machinery.
2022: Allica Bank achieves profitability
Allica Bank was recognised as 2023’s fastest-growing company by the Deloitte UK Technology Fast 50 awards with revenue growth of 85,438% over the previous three years. This revealed Allica to be the fastest-growing fintech in the UK ever. In 2022, it also became one of the quickest UK fintechs to become profitable. At that time, Allica forecast that it would lend £3bn in the next three years.
2023: Allica Bank launches Business Rewards current account
In 2023, launched its business current account, the Business Rewards Account. This is built specifically for its core audience of established businesses with ten or more employees. The business current account already has over 2,000 customers.
Allica also launched its new growth finance lending product in 2023. This is designed specifically to provide flexible finance for growing businesses. In addition, Allica offers business mortgages and asset finance.
Allica Bank CEO Richard Davies said, “The success Allica Bank has seen in such a short period shows that there’s clearly demand for a bank dedicated to the needs of established SMEs, offering both human relationships and powerful technology. Established SMEs make up a third of the UK economy. They are such a core part of our local communities and employment, yet have been increasingly neglected by the big banks.
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“We have plenty more to come in 2024 as we double down on the growth of our business current account, continue to build out our lending capabilities, and further enhance our offering for our intermediary partners.”