Allica Bank

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, after having also been named as the UK's fastest-growing fintech ever in Deloitte's 2023 UK Tech Fast 50.

History
Allica Bank acquired its banking licence from the Prudential Regulation Authority in 2019 and made its first loan in March 2020. It appointed Revolut's Chief Operating Officer Richard Davies as its CEO in July 2020.

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. The process was reported to have completed in August 2022.

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. 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. It had previously predicted it would reach £3 billion of business lending by 2025.

Fundraising
Warwick Capital Partners led a £26 million funding round in Allica Bank in September 2020.

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.

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).

TCV, a leading global technology investor, led a £100 million funding round in Allica Bank in December 2022, alongside existing investors Warwick and Atalaya.

Locations
Allica Bank's main headquarters are in London and Milton Keynes. It also has an office in Manchester.