SME challenger bank Allica has successfully raised £100 million in a Series C funding round, led by growth technology investor TCV.
Allica Bank achieved profitability in June, with £1 billion in lending and the onboarding of 2,000 new customers from AIB. The bank, which provides a range of lending, savings, and investment products specifically designed for SMEs often overlooked by larger institutions, reported a remarkable 743% increase in revenues for Q3 2022 compared to 2021.
Richard Davies, chief executive of Allica Bank and a former executive at HSBC and Revolut, expressed his enthusiasm, stating, “From the moment we sat down with TCV, it was clear we shared the same vision to transform SME banking in the UK by challenging the mainstream high street banking market.” He further remarked, “This funding is a significant endorsement of our team at Allica and will enable us to support more of Britain’s established and growth companies, who have been underserved for too long.”